Are NFTs dead in 2024? NFTs will still be valuable in 2024

NFTs are not as dead as they seem, despite the term. “dead”During the current crypto winter. Even though many predicted that Bitcoin would die, the crypto world is different today. Bitcoin is still trading at around $67,000, and the spot Bitcoin ETF has been approved.

These days, NFTs and obituaries have become more common. According to a recent Rolling Stone article, “Your NFTs are actually — finally — totally worthless.” The majority of NFTs have indeed been deemed completely useless, but if you’ve seen previous cryptocurrency cycles, you shouldn’t be surprised by this.

NFTs suffer losses too, just like the ICO tokens from the 2017 bull market that died in the winter of 2018–19 and the countless DeFi protocol tokens after the DeFi summer of 2020. Over 1.8 million tokens are currently in circulation. NFTs are not an exception. The majority of tokens have a limited lifespan.

A frenzy of low quality supply entered the market by the middle 2021 due to the low entry barrier. This is the first winter of NFT, and the conditions are similar to those in previous cycles.

There has been less NFT advertising. NFT trade volume was around $1 billion per a week in mid-2021; it is now less than $100 million.

But NFTs is not “dead,” if you keep searching, you’ll find more and more indications of life. PayPal has submitted a patent application for a purchase-and-transfer NFT system. NFT initiatives such as Pudgy Penguins, Doodles, or Veefriends are growing. Top auction houses are collaborating with mainstream artists in the NFT sector, and even music stars like Justin Bieber have converted songs into NFTs which provide holders revenue streams.

Blockchain nor the building blocks that make up NFTs and what they can offer will be replaced. “die.”They will only continue to evolve and become just another footnote within another crypto-cycle.

As we transition from this NFT winter to a new season, expect to see more advanced, financially feasible NFT project, enhancing the eco-system in new and significant way.