After much support from Gary Vaynerchuk and Logan Paul for being “The Next Big Thing”, have NFTs really become a thing of the past?

Are NFTs a thing of the past? Yes, that’s what Google Trends suggests as of now. If you go to the analytics site provided by Google and search for NFT, you will find that there is a downward graph for it over the last 12 months. This is actually shocking due to the fact that NFTs were promised as the “Next Big Thing” not only by crypto gurus but also by millionaires like Logan Paul.

This has thus raised the question, is this drop in interest in NFT based on the losses of a collective group of people, or was there nothing to look for in the first place? But before you read on, remember that the theme of NFT is mostly based on a collective idea of ​​rarity rather than a market.

NFTs – a failure of an idea?

Not saying NFTs are bad or anything, but the idea of ​​selling something that wasn’t there in the first place is kind of absurd. It’s like selling an apple pie, but only the thought of looking at it instead of eating it. Although, despite all this, many believe that it can actually work.

For the most part, NFT or a non-functional token sounds like an idea to begin with. Although YouTubers and content creators like MrBeast, Logan Paul and KSI have tried their hand at them, with several disadvantages such as an unstable price value, being super expensive and many more. But instead, it seems that they haven’t been able to enjoy the fun anymore, as over time they had to face losses in both NFTs and cryptocurrencies.

Although NFTs are mostly about high risk = high reward, it must be remembered that NFTs were actually intended for works of art that were truly valuable in the real world. However, as time went by, it became clear that many were using the concept of NFTs for their personal gains, as the idea of ​​it was largely new to many.

But now it seems that when famous personalities take their hands off NFTs due to their losses in the market, it also apparently affects the whole idea of ​​selling NFTs.

Logan Paul and MrBeast used to think that NFTs are the next big thing

In one of his 2021 Impaulsive podcasts with MrBeast, Logan Paul said he was really hooked on buying himself an NFT after a conversation with NFT guru Gary Vaynerchuk. He said, “Gary called me … a month ago he said ‘Logan I promise you, I know you’re a smart kid if you play this right, I know you can like you do a Pokemon.'” In the NFT business you can make a quarter of a billion dollars.”

Notably, these NFTs included CryptoPunk and Bored Ape, worth $2.7 million, which later dropped drastically, leaving them worth just “$10.” This was not only with Logan Paul, but with KSI as well, where he lost up to 99.9% of his crypto investment, which was worth almost $2 million.

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