Cryptocurrency price plunge, hacking and theft of high-priced non-fungible tokens, uncontrollable markets that seem to work based on the moods of those who do it … these are all plans to invest in the world for marketers. Is the element that is causing the interruption of digital real estate. But is this all nearing the end, or are we in the midst of a fierce storm?
Cryptocurrency prices have fallen sharply over the past few months or years. Perhaps the best example of this is the Terra (Luna) stablecoin that has experienced a crash, losing essentially all of its value (99% to be exact) and its owner turning the investment into dust. I’m watching it. The main reason behind the Terra (Luna) stablecoin crash was a malfunction of the Terra network, which was fixed at the US dollar.
However, this was not the only cryptocurrency that experienced such a phenomenon. As mentioned earlier, many other, more reliable ciphers, such as the highly recognizable Bitcoin, are not on track. Bitcoin owners are accustomed to monitoring large fluctuations in the value of their investments, depending on the situation and what is happening in the news. But when Bitcoin reached its all-time high of nearly $ 100,000 ($ 70,000) since September last year, the coin fell below half that value ($ 30,000) a few weeks ago. I’m continuing.
And if you think the world of NFTs is even better, you will face sad surprises. Everywhere you look, there’s a story about a decline in the valuation of popular online assets. Bored Ape Yacht Club series NFTs have plummeted in US dollars by almost half since the beginning of the month, even though they are still incredibly expensive. NFT sales have also declined significantly. In other words, people just stopped buying NFTs.
Bored Ape NFTs are one of the most popular of this kind. However, it seems that we are entering a transition period recently.
This is not due to the lack of financial capacity to buy them, but to the lack of belief that they will continue to increase or even maintain their initial value. Recently, many celebrities have either completely suspended their relationship with the NFT industry or simply suspended their plans to do so. Actor Seth Green (Family Guy, Austin Powers The franchise) saw some of his digital assets disappear after his account was hacked, but no one was left to buy them from him before. Former boxer Floyd Mayweather promoted a series of NFTs called Bored Bunny (similar to Bored Ape). It’s worth less than a tenth of the original value a few months ago today. And these are just two examples of a list of poor celebrities-NFT matches that seem to last forever.
As you can easily imagine, these latest developments make companies and agencies much more worried about the digital world. They don’t want to invest in themselves, as many have already created ads, bought and sold digital assets, and invited people to their virtual playgrounds. Then what do you expect?
It happened to me. 4NFT was stolen after a phishing scam. @BoredApeYC @ High seas @doodles @yugalabs Do not buy or replace these while I am working on a solution.@ DarkWing84 It looks like you bought my stolen monkey-attack me so we can fix it pic.twitter.com/VL1OVnd44m
— Seth Green (@SethGreen) May 17, 2022
Metaverses such as Roblox and Decentraland, and more specifically sandbox games, are deeply related to NFTs and cryptocurrencies. Players and users in these worlds use them to execute transactions. If they continue to devalue at such an amazing rate, these worlds can simply return to “ordinary” online video games without the real opportunity to invest beyond simple in-game advertising.
NFTs have no real-world value, cryptocurrencies can be traded for less than a few cents, are essentially worthless, and the Metaverse is just a host ground for those who don’t want to go out or give way. Turns into their hands a lot of time.
But how likely is it that such a scenario will be executed?
The metaverse changes, but it can stay here.
Despite the continued decline in net worth, cryptocurrencies do not seem to disappear soon. They have established themselves as part of the market and already have their own dedicated trading area (OpenSea), so that governments around the world do not experience such extreme changes in value. We are planning to put it under strict regulations. In other words, it may not be “fun to play”, but it will definitely be more stable and reliable in the future.
It’s important to remember that NFTs are still in their infancy. People tend to get excited about something new and attractive, which can act as a factor in overinflation of their interest rates, but after a while they inevitably lose interest. Currently, the NFT market is still in the early “excitement” stage and appears to be slowly shifting to a market of indifference. This is what is causing the value of their cliffs to plummet. Ultimately, they also find their place in a rapidly evolving world, increasing the stability of their value. This is much less than it is now, but it’s definitely worth more than just an in-game jpeg. .. In addition, each NFT serves its own purpose, so it makes sense for some NFTs to remain more expensive than others.
But how can the Metaverse disappear completely? It’s almost infeasible. With the amount, resources, and research spent and ongoing developing these new worlds, they are the perfect place for advertisers to promote their products. The Metaverse has a myriad of different aspects that businesses can use to make the lives of themselves and their clients easier and more engaging. Therefore, no matter how volatile the value of NFTs, cryptocurrencies, digital real estate, etc., these possibilities are always present and waiting to be unleashed.
It’s up to the advertiser to get in touch and use them.
