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Will the NFT market go through a crash similar to what the ICO experienced in 2019?

Will the NFT market go through a crash similar to what the ICO experienced in 2019?

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Answer Will the NFT market go through a crash similar to what the ICO experienced in 2019?

The non-fungible token markets broke record trading volumes in the last period.

But experts believe that the nascent NFT space may witness a collapse that could mimic that of the ICO in 2019.

Will the NFT market collapse? when?

NFT crash may happen in the next six months.

That’s what Ryan Carson, COO of PROOF Collective, a podcast company that covers the NFT ecosystem in depth, predicts.

His tweets were as follows:

Many fast-volatile projects that are usually strings of 10,000 NFTs will be extinguished.

Therefore, all Coinbase credit card buyers will lose 100% of Ethereum.

Read:More than 20 Chinese crypto companies are leaving the country after the announced local ban!

“Carson” added that institutional and private wealth could go to other activities and markets such as metaverse and investment in Sandbox and Decentraland projects.

When the NFT market crashes, retail and institutional investors will return to the market only to buy into high-quality projects.

The unsustainable P2E play-for-earning economy:

NFT games played for earning are also in fashion.

But nothing lasts forever, and the bear market reveals all the shortcomings and viability of the project.

The 2020-2021 bull market has increased the demand for both NFT and in-game tokens.

This paved the way for profitable opportunities for players and spawned an entirely new economy from a mere hobby to a multi-billion dollar industry.

Jason Chua, general partner at Spartan Capital, believes that P2E games will be less profitable than they are today in the absence of a bull market.

He added:

If the financial offer of P2E games begins to wane, it must be compensated by enjoying popular Web 2.0 games.

Showa believes that it is the bull market that has caused the momentum to rise around NFT and play for profit and that it is only a matter of time until this stage passes, and what will accelerate its death is the bear market where only strong and established projects remain.

Read:Coinbase’s NFT Waitlist Reaches 1 Million Subscribers on Day One…What Does That Mean?

Read also:

Report: 60% of merchants want to accept cryptocurrency in the coming months

The Brazilian Senate takes another step towards regulating the cryptocurrency market


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