NFT bear market will obliterate the NFT holders
The time is approaching when there would be no liquidity, no volume, no self-proclaimed art geniuses willing to buy anything anymore.
It requires almost zero efforts to actually create an NFT and sell it to the general public. Worst yet, you can google a image and make it your own NFT. A colleague of mine has sold a pirated copy of a comic on wax.io.
Even this could’ve been fine had these NFTs sold for a few dollars, but the bigger NFT projects with 1000’s of the similar art designs are selling individual NFTs for as much as 3/4 SOL. $600 for a picture of a turtle and -to hit the final nail in the coffin- you’re not the only one with such a photo, there are 9999 more such photos who’ve paid the same price for it. Imagine what would happen when all of these folks will try to sell their ‘unique’ pieces to the public at once.
Most of these NFT projects don’t even have a working game where these NFTs could be used. It literally serves no purpose at all. They’ve just sold a dream in the manner of a roadmap. Yet they are selling like hot cakes.
This is worst than margin trading, atleast there you are trading with something which ideally should’ve some real value. Here you are just playing with fire.