A Non-fungible Token or NFT used to become something that everyoneー including those who are outside the internet was talking about just around two or three years ago.
However, there has yet to be much development on this piece of rising technological history and in contrast, a rumour of an NFT market crash seems to start arising.
And with how Meta winds down its NFT s support for both Instagram and Facebook, that statement might hold something.
Why does Meta matter to the NFT landscape?
For those who are unaware, back on 28 October 2021, Facebook, Inc officially changed its name to Meta.
This was a response to Mark Zuckerberg’s idea to capitalise on the supposedly unknown technological territory of the Metaverse as the concept of shifting the majority of real-life productivity to the virtual world has become a hot topic due to the pandemic.
With such ambition from one of the technological giants then, it’s no wonder that Meta has become the pillar of the NFT as both are tightly related to Web3 landscapes.
But as we all know today, such a concept is yet far within our grasp at the current moment as the recent development shows that the crypto and NFT market collapsed which results in Meta retaliating its business decision.
The trend declines
The search term for the keyword related to NFT has also started to wind down to its starting point ever since its peak back in late 2021.
As observed in the worldwide result from Google Trends, it shows that the word NFT started to gain traction back in early 2021 however not until around mid-2021 it started to gain rapid acknowledgement.
Coincidentally, the rapid increase of NFT awareness was also in line with the rumour and then the announcement of the then Facebook, Inc’s interest in the world of Metaverse.
Bored Apes and other celebrity NFTs have also stagnated
A Web3-focused news portal Decrypt in its article written just yesterday (at writing) tells that ““Blue chip” NFT projects are losing value as some trading metrics across NFT marketplaces fell to nearly two-year lows.”.
Bored Apes Yacht Club (BAYC) used to be valued at $400,000 during its peak and ever since the fall, its value has been floating around $100,000 however just recently it has been spotted that its value dropped below than usual amount.
The overall weekly trade activity for NFT across the marketplace platforms has also been observed to decline even lower than around mid-2021.
According to Decrypt, the reason behind it has yet to be known however it is predicted that the rise in popularity of Blur, a relatively new NFT trading platform might play a part in this.
Once one of the most popular technological trends that will revolutionise the internet and productivity landscape in general, the world of Web 3.0 (Web3), has flopped.
Some of the products of Web3 consist of a Non-fungible Token (NFT), Cryptocurrency as well as the Metaverse.
With the NFT market crashed, a company that was once committed to the world of Metaverse Meta has decided to wind up its NFT support from its two major social platforms, Facebook and Instagram as part of its shift of business focus.
The famous Bored Ape Yacht Club NFT which ever since the crash has been floating around $100,000 in value have also been observed to have gone down below that.
An NFT market overview also shows that transactions across the NFT marketplace have reached an all-time low.