NFTs Are Here to Stay

Author: Jimmy Dendrinos
Date: July 7, 2022

It may just be me, but I’m seeing an unfortunate amount of talk during this crypto cooldown about the “death of NFTs.” It appears there is a prevailing sentiment in the general population that NFTs are just another fad that has come, had its moment in the sun, and is slowly fading away. This could not be further from the truth. While this bear market will force a reevaluation of NFT-based businesses and business models, cryptocurrency and NFTs are here to stay for the long term.

 

Are NFT sales shrinking? Well, according to market statistics provided by nftgo.io, the NFT market cap hit an all-time high of $36.9 billon on April 2nd, 2022. In the three months since, the NFT market cap has slid to $23.3 billion. While there has no doubt been a contraction of the NFT market, in those three months the price of Ethereum has collapsed from $3,500 USD to $1,250 USD.

 

With the majority of NFTs sold and valued in ETH, if the NFT market followed the Ethereum price collapse equally we should be seeing a market cap around $13 Billion. With a current market cap of $23.3 billion, this is clearly not the case. Effectively, there is more cryptocurrency in the NFT market today than there was three months ago. However, the market cap is down due to the value of that cryptocurrency shrinking when compared to the US dollar.

 

While there was nothing but excitement during the market build up, most of the revenue generated during that time revolved around rather basic NFT assets. PFP collections and 1-of-1 digital pieces were responsible for most high valued NFT sales. Luckily, the excitement and buzz surrounding NFTs brought attention and development into the space. While many people still think of an NFT as a picture of an ape, the true potential of non-fungible tokens is only just being released. The future use cases that will dominate the NFT market for years to come will be gaming, music, and digital rights management.

 

NFT Concerts is focused on creating the perfect merge of digital content, live music, NFTs, and digital rights management. Our method is simple, issue a set of NFTs that unlock access to a full-length concert recording. Only the owner(s) of the NFT(s) have the right to unlock and stream the show recording. Artists can control the accessibility of any show by setting the quantity of tokens and the price point. Fans get to bring the fun back into collecting music with NFT Concerts. Everyone gets a welcome return to an ad-free subscription-free music experience where you buy once, stream unlimited times. Subscribe to the NFT Concerts mailing list in the footer below to stay up to date on all the latest NFT Concert news and information.

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