Sentiment Around NFTs Falls 14% in Companies Amid Crypto Decline: Report
Sentiment around non-fungible tokens (NFTs) fell 14 percent among companies in the June quarter (Q2), showing a decline in optimism around NFTs due to growing discussions about the slowdown in the cryptocurrency market, a report showed on Wednesday.
In Q2 2022, NFTs have been the subject of more debate than ever, although opinions have shifted, resulting in a decline in optimism.
“According to recent earnings announcements, this decline in confidence has been caused by discussions surrounding the downturn in the cryptocurrency market,” said Ekta Chourasia, business analyst at GlobalData, a leading data and analytics company.
Mention of NFTs in companies’ earnings transcripts rose to their highest level in the June quarter (Q2), experiencing a 30 percent (quarterly) increase.
Several companies such as Concentrix Corp, BlackBerry and NVIDIA Corporation discussed the depressed crypto market.
Coinbase Global, a banking and payments company, cited high volatility in crypto prices affecting transaction revenue, and Nano Dimension Ltd discussed crypto loss in value.
There were some positive discussions on NFT as well, especially around the mention of “investment”, “invested” and “launch”.
Coinbase Global, mentioned the launch of NFT Beta and the plan to add features that will make it easier for people to create their own NFTs.
The technology sector alone accounted for 53 per cent of the total NFT mentions, followed by the banking and payment sector with 18 per cent of the mentions.
“Some NFT discussions were also focused on the keyword aE-commerce which shows the growing use of NFTs in e-commerce businesses,” Chourasia said.
— IANS
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(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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