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Analysts at DappGambl have concluded that the era of NFTs has ended. They contend that the once-thriving NFT sector now appears lackluster, with dubious market metrics as the hype fades.
During the hype’s pinnacle in 2021-22, the monthly trading volumes of non-fungible tokens were at $2.8 billion. This period mirrored the mid-19th-century California Gold Rush. Everyone started minting their NFTs: experienced artists, budding musicians, students, and tech-savvy retirees. Many were even fortunate enough to make substantial profits from it.
However, DappGambl's researchers believe that era has ended and is unlikely to come back.
Using data from NFT Scan, they conducted a comprehensive analysis of 73,257 collections to identify the prevailing trends.
What were the key findings from the current market analysis?
95% (69,795 out of 73,257) of the collections studied hold no market value.
Only one-fifth of all the tokens from these collections have been purchased, demonstrating the actual (and not media-inflated) interest in NFTs.
#ContentStar# #NewsMessenger# #HotTopicDiscussion# #GateioBountyCreator# Bitcoin Analysis
Bitcoin consolidated for a second straight session, with the cryptocurrency hovering around a floor at $26,500.
Following a high of $26,786.10 on Friday, BC/USD slipped to a low of $26,389.30 earlier in the session.
The price of bitcoin has since rebounded, and at the time of writing this is trading at the $26,570.51 level.
It appears that the rebound came as the relative strength index (RSI) failed to break out of its own floor at 50.00.
At the time of writing this, price strength is tracking at 50.01, and should this hold, bulls could be tempted to renter the market.
Moving averages continue to signal that there could be an incoming uptrend, with the 10-day (red) trend line still higher.#ContentStar##BTC##HotTopicDiscussion# Ethereum Analysis
Ethereum (ETH) remained under the $1,600 on Saturday, despite attempts by bulls to renter this region.
ETH/USD dropped to a low of $1,587.43 to start the weekend, hours after bulls pushed price to an high of $1,599.97.
However, it appears that there could be another attempt to move past this level, with ethereum currently trading at $1,592.86
Unlike bitcoin, an upwards crossover of moving averages has yet to occur, however it seems like this could happen at any point.
This could ultimately be the signal bulls need to amplify pressure, and potentially engulf current sellers.#ContentStar##HotTopicDiscussion##Gateio# Why do people still actively buy and hold inflationary tokens?
After OP just unlocked 18% of its treasury tokens, in a “planned and private” decision, the price dropped around 6% now keep in mind that it will have to soar even more to reach ATH.
I’m not saying it can’t, it’s just not something worth betting on.
Projects like OP, ALGO, AVAX, DOT are all inflationary. They also some of the most popular cryptocurrencies out there.
Why though? Sure a project may have good fundamentals, good team, and real world value, but that still doesn’t make it a great investment if the tokenomics are horrible.
Why do you want to invest money into a project that increases its supply 7% a year for the next 3 years? Or another one that unlocks millions of tokens for whales to dump the price into the ground?
Both scenarios make ATH(s) seem even more unattainable.
TLDR- A project can have very good fundamentals, but that doesn’t make it a great investment. Especially ones that are highly inflationary
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