Similar to NFT sales, crypto apps are slowing in 2022.
Not suitable for NFTs or cryptocurrencies.
In September 2021, 225,000 NFTs were sold daily. Nearly 19,000 today, according to NonFungible data share According to The Wall Street Journal. In November, Ethereum, the currency that drives many of the NFT purchases as well as smart contracts, reached a high of over $ 4,500. It’s now $ 2,800. Bitcoin has reached over $ 65,000. It’s now $ 39,000.
At the same time, OpenSea, one of the largest NFT marketplaces, plunged 94% in daily app downloads from a surge of 180,000 / day in January to about 20,000. according to To Apptopia. In addition, the number of installed apps for another NFT marketplace, VeVe Collectibles, has dropped significantly by 99% from a daily high of nearly 18,000 in November 2021.
It’s not just the shortage of new users.
Veve’s in-app revenue is down 90%, says Apptopia.
What that means is that cryptography and NFTs are currently slowing down. According to Apptopia data, the top 50 crypto apps are down 64% on global downloads, and monthly active users are down. However, there are some bright aspects. Monthly active users of the top 50 crypto apps are declining, but only 6.5%. This suggests that these apps are retaining users …
This was always likely to happen.
The value of the collectible is determined by its rarity, and its true rarity is … rare. This is by design. But when groups like Beeple and Bored Ape Yacht Club began to scrape millions from JPEGs and GIFs, everyone and her dog piled up on the NFT market.
The result is an excess. There are too many pieces of digital “art”, too few digital coins, and too few “bigger fools”.
This does not mean that NFTs are destined forever or that cryptocurrencies are failing. After the boom and after the bust, there are scenarios where the digital means of owning, managing and trading assets will become meaningful in the long run.
As me I wrote recently After interviewing Alex Salnikov, Chief Product Officer of Rarible (and yet another NFT Marketplace), Digital Living incorporates digital properties that require digital currencies.
Reality is virtual because it is becoming more and more like that. Or at least digital. We consume digital entertainment via Netflix and digital music via Spotify. Have a digital battle with Fortnite. Win a virtual war on your smartphone. Meet others digitally through Zoom. We are doing digital work on our laptop at home using Google Docs on our virtual hard drive. We outsource our memories to search engines. Even when we train in the world of physical flesh space, digital trainers encourage us to drop them and give them 25, push a little harder, or stretch a little more. In short, almost everything we do is done digitally or reinforced by digital reality.
As this evolving metaverse grows around us and our reality becomes more digital, there is a growing need to represent access, ownership, and usage. What can I use? What can I get others to use? What do i own? What do other people own? The key is how all of this can be represented in digital, programs, and contracts.
NFTs may still be the answer to those questions.
If so, however, we go through this valley of disillusionment and the real value, not the art generated by the random algorithms that Tech Dude # 3 wants to fund his tropical retirement. You need to reconstruct the space based on.
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