The NFT bubble is showing clear signs of bursting | Hacker News Reader

The NFT bubble is showing clear signs of bursting

fortune.com

6 pointschurchill11 comments

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1. Weekly NFT sales plunge 50%

https://markets.businessinsider.com/news/currencies/weekly-n...

2. NFT Mania Show Signs of Cooling as Average Price and Sales Decline

https://www.bloomberg.com/news/articles/2022-03-03/nft-mania...

3. NFT sales plummet by 80% and trigger the 'great NFT sell-off'

https://www.tweaktown.com/news/85073/nft-sales-plummet-by-80...

4. NFT sales hit $25 billion in 2021, but growth shows signs of slowing

https://economictimes.indiatimes.com/tech/technology/nft-sal...?

Good riddance

> Good riddance

Exactly. Good riddance to the useless JPEG NFTs and the oversupply and saturation of silly NFT projects that have no use case and will wither away.

We need a market crash to wipe out these JPEG NFT projects that have no use case in this cycle.

The majority of the JPEG NFTs which is around 90% of them will collapse with the remaining 10% of NFTs with utility that will still survive.

Even after this crash however, I'm afraid they aren't going to completely go away anytime soon.

there aren't 10% useful ones. NFT proponents always say "JPEGs are just the beginning" but they seem to be the ones not understanding any of the businesses they claim NFTs could be used for. Can you articulate a single, _specific_ current business problem that would be solved by NFTs and _wouldn't_ require appeals or validation from a non-blockchain source like judge or insurance adjustor?

100%. Any functionality NFTs offer already has a less technical solution. NFTs seem to be an overpriced solution searching for a problem to avoid taking a hit in market value when everyone who bought it starts trying to offload.

>> there aren't 10% useful ones.

> 100%. Any functionality NFTs offer already has a less technical solution.

So according to both of you, that means with 100% certainty it is going to completely go away after this crash; guaranteed?

Are you both sure? I would not argue against it completely going away entirely with such certainty and absolutism.

Did beanie babies go away 100% after they tanked? Did the tech industry go away after the dot com bubble burst? Has crypto gone away after the roller-coaster of the past few years?

NFTs may have some potential but at the moment it's just speculation driven by greed: as long as I can get the next guy to buy this JPEG for 1 gajillion, I don't mind spending my lfe savings on it. Which history has taught us never ends well.

IMO, the crash will trim off the speculators and leave NFTs to possibly develop organic usage. For now, I maintain it's just a solution begging for a big enough problem to justify its price.

> Did beanie babies go away 100% after they tanked? Did the tech industry go away after the dot com bubble burst? Has crypto gone away after the roller-coaster of the past few years?

I'm asking you that same question, so you tell me. That's why I also said 'Are you both sure?'

> NFTs may have some potential but at the moment it's just speculation driven by greed.

> IMO, the crash will trim off the speculators and leave NFTs to possibly develop organic usage.

So you are in agreement with me then?

There exists a small minority of NFTs that are not 'JPEGs' or 'JPEG projects' that are also not part of the 90% that have no use case and will collapse, but instead are part of that 10% that have utility then?

No, i still haven't heard any response to "Can you articulate a single, _specific_ current business problem that would be solved by NFTs and _wouldn't_ require appeals or validation from a non-blockchain source like judge or insurance adjustor?" Do you have one?

> "Can you articulate a single, _specific_ current business problem that would be solved by NFTs and _wouldn't_ require appeals or validation from a non-blockchain source like judge or insurance adjustor?" Do you have one?

Here is a business that is using something called ENS (Which the names are NFTs). [0] [1]. ENS is used for translating human readable names to addresses and allows users to send, sign, verify and reference anything without using a third party service for that.

Now an answer to my question. Since it seems you're also replying for the other person:

>> So according to both of you, that means with 100% certainty it is going to completely go away after this crash; guaranteed?

[0] https://skiff.org

[1] https://skiff.org/blog/skiff-x-ethereum-naming

So there you have it. No response to my question. Nothing.

Both commenters not even sure about their own absolutist statements and have both failed to answer my simple question.

As expected.

Domain names have existed for decades without crypto as you surely know. I'm not sure what the relevance of "100% this will go away" claim is. There are tons of useless things and scams that still exist

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