Many people in the space are asking Will The NFT Market Recover. but what is the answer we take a deep dive into how likely recovery will be and what could drive it.
The NFT market has been facing a bear market recently, but this doesn’t mean that it won’t recover. NFT technology has the potential to change many aspects of our daily lives, including
- property ownership
- car ownership
- retail membership cards
- social and dating
- and identification, among others.
In this article, we’ll explore why the NFT market will recover and the possible catalysts that could drive its growth.
The Endless Possibilities of NFTs
NFTs have the potential to improve many aspects of our daily lives, such as reducing the need for physical passports and improving online security through the use of blockchain technology. NFTs have countless applications, making it unlikely that this technology will simply fade away.
Bear Markets Always End
Just like with Ethereum and other cryptocurrencies, bear markets don’t last forever. Ethereum has seen its price rise from a few dollars per coin to over $4,000 in the bull market and has since dropped to around $1,150. The bear market for NFTs will also end and it just requires a catalyst to get there.
Possible Catalysts for NFT Recovery
Innovations in the NFT space could help it recover. Currently, many NFT tools are focused on how to make money from NFTs, but the next big thing for NFTs could be real-world utility or the metaverse. Real-world utility refers to big brands, such as Tesco or Asda, offering better membership deals for NFT holders or exclusive nightclubs and VIP experiences. However, this can only happen if the process of getting into NFTs is simplified. This can be done through an all-in-one solution like Coinbase NFTs or an on-ramp that makes it easier for average people to get involved.
Timescales for NFT Recovery
It’s hard to predict when exactly the NFT market will recover, but it could happen a few months after the winter if real-world issues are resolved and the adoption of crypto becomes more widespread. The more the process of getting involved in NFTs is simplified, the more money and people will flow back into this space, and the more big brands that get involved, the harder it will be to ignore NFTs.
The bear market for NFTs will end and recovery is inevitable. Innovations in the NFT space and simplified processes for getting involved will drive its growth. It’s important to proceed with caution and do due diligence on everything before investing in NFTs.
Until the Bull market has returned, I personally will be looking for some blue chip NFT bargains!