Toshiuki Otsuka, founder of a snap-to-earn platform, strongly opposes the notion that NFTs are dying, arguing instead that they are “evolving.”
The narrative surrounding non-fungible tokens (NFTs) has seen significant shifts. After a period of rapid growth followed by a drop in trading volumes, some in the crypto community are questioning the future of digital collectibles. However, those working closely with NFTs believe that the market is maturing rather than declining. As the initial hype fades, NFTs are finding more practical and sustainable applications.
NFTs Undergoing a Correction Phase
Anoir Houmou, founder and CEO of the Sui-backed video engagement platform RECRD, asserts that the idea that NFTs are dead is an “oversimplification.” He explains that every emerging technology goes through cycles of correction:
“Recent trends indicate a maturing of the market after the explosive growth witnessed over the last few years. We’re moving into a phase where the focus is on sustainability, real-world utility, and integration into broader technological ecosystems.”
Houmou also mentions that the rise of new SocialFi and GameFi platforms is a positive indicator. He expects greater institutional investment as NFTs become more purpose-driven.
Market Correction, Not Demise
While NFT volumes have decreased, Yale ReiSoleil, CEO and co-founder of the NFT trading platform Untrading, views this as a natural market correction rather than a sign of the industry’s end:
“NFT volumes are down significantly, but that doesn’t necessarily mean they’re dead. The market is likely correcting after a period of hype.”
Oh Thongsrinoon, Chief Marketing Officer at Altava Group, which connects luxury brands to Web3, echoes this sentiment. He notes that every market cycle has peaks and troughs. He points out that the tokenization of real-world assets is growing steadily:
“With Bitcoin-based NFTs recently recording sales volumes of $148 million and Bitcoin standing as one of the top three leading blockchain networks for NFT sales, this signifies strong NFT sentiment.”
Summary Review: Despite the decline in trading volumes, the NFT market is far from dead. Experts believe it is simply undergoing a necessary correction phase. As the market matures, NFTs are increasingly finding applications in more sustainable and practical areas, signaling a healthy evolution rather than an end.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
