The NFT market has not escaped the attack of the bears that have mauled cryptocurrencies. However, digital collectibles are still bullish, according to industry observers.
Sales volumes in the NFT sector have declined along with the broader market slump. But they have a big future, according to Zen Academy’s ‘@Zeneca_33’. Therefore, in this article, you will learn more about which phase of this niche we are in now.
How Is the Community Influencing the NFT Sector?
The NFT aficionado recently attended the MET AMS Metaverse Festival, which ran this month in Amsterdam. He told his 292,000 Twitter followers on June 17 that he is “someone who is unimaginably bullish on the future of NFTs.”
Therefore, one main aspect of this bullishness was the community, he exclaimed. Aside from online communities on social media and even in the Metaverse, a real-life community with common goals and interests is thriving for NFTs.
A thread from someone who is unimaginably bullish on the future of NFTs.
I've spent the last few days at MET Amsterdam; my first ever NFT/Web3/Crypto conference (actually, my first _anything_ conference).
It's hard to put into words the feelings I am feeling, but let's try🧵👇
— zeneca.eth (🔮,🔥) @ NFT NYC but w/ COVID (@Zeneca_33) June 16, 2022
People are coalescing around NFTs, he added, and that sort of energy drives the FOMO. “There are so many people from diverse walks of life coming together with epic levels of excitement,” he stated. They’re all interested in this “new future world and all the infinite possibilities it brings.”
Moreover, true digital ownership is a new concept that many are simply not used to yet. However, nowadays, everything we put online is controlled and often owned by tech and social media corporations. Therefore, digital ownership is a game-changer putting people back in control of their content. This is the entire ethos behind Web3, which is why it will take off.
Risks and Opportunities In the NFT Sector
“So yes, I am bullish. NFTs are going to change everything. It just might take a while,” he added.
He cautioned that NFTs are an insanely risky asset class for those thinking of investing. According to a survey by Dexterlab, less than half of people that invested in NFTs have made a profit.
Therefore, the best investment those new to the scene can make at the moment is time and knowledge. “Now is the time to position yourself for the next bull run, not just financially, but emotionally and also intellectually,” he concluded. Here is one of the NFT related examples that are developing now:
PRESS RELEASE: We are excited to announce the D.A.R.E. Digital Program!
The initiative will provide digital identity verification & credentials, avatars, NFTs & immersive mixed reality opportunities to over 3 million students worldwide. 🏫
Read more👇 https://t.co/Ca3F9QAXDL pic.twitter.com/F9gBzj53c4
— Liquid Avatar Technologies (@liquid_avatar) June 23, 2022
Earlier this week, Altcoinbuzz reported on how Cardano could become a leading network for NFTs.
Conclusions
Despite the big news this week that eBay had bought an NFT marketplace, sales are still dwindling. NFT marketplace volumes have slumped by 75% from Jan to May. As a result, trading volumes are now at a 2022 low.
We all know that the NFT sector is just beginning. So, if you’ve passed its ups and downs, it’s time to position yourself in the bear market and learn as much as you can. Renew the convictions that brought you to this industry and try to bring value.
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