NFT: Judgment Day or Salary? | Benzinga

NFT marketplaces continue to struggle. The transaction volume on NFT marketplaces has decreased due to the crypto market conditions. With reference to the research done by The Block Crypto for May 2022. There is a total volume of 4 billion dollars, of which more than 65% of the market is captured at Opensea, Looksrare has around 1.06 billion dollars, while Magic Eden has 292 million dollars.

Source: The Block Crypto; Monthly volume for NFT Marketplace

Before the crypto downturn in April, the total volume was $ 7.18 billion. It is more than 44% reduced. This has also led many analysts to predict that the NFT market will continue to shrink to around $ 2.5 billion in June. Reality is worse than divination. The total sales according to the cryptanalysis company Chainalysis state that the sales of NFTs only reach around 1 billion dollars instead.

Personally, I believe that the NFT markets are still growing in their own rights. Exchanges are constantly growing. Let’s say that Bybit NFT Marketplace, for example, according to an article in the Harvard Business Review, their marketplace has more than 50,000 active members on Telegram, with transaction fees as low as 2%. When an NFT is sold on Bybit’s marketplace, 1% is a trading fee to Bybit, and 1% is a royalty fee to the original creator. The 2% fee is paid by the seller, while the buyer does not incur additional costs. These are some measures that centralized stock exchanges are using to increase their market share for NFT.

“Despite the fact that the market is down, we are still reviewing many NFT projects globally. Projects such as Kishu Inu and Mighty Jaxx who came to our marketplace were sold out in such bear times. The bear market has not dampened NFT’s community spirit. Bybit continues to excel by building more partnerships and adding new features to the market. ” Jenny Zheng, Head of Business Development at Bybit NFT Marketplace said.

Is the NFT market really dying?

The correct answer is no. Ledger launched an NFT marketplace called Ledger Market. The core sales argument is that they focus on security and transparency, these properties help fill in the gaps that fill the Web3 environment and go back to the company’s goal of security. They want to build a business solution that allows brands and creators to have full control, hold their hands throughout the NFT journey and secure the entire stack from embossing to distribution to production.

Apart from Ledger, many more NFT companies were presented on NFT.NYC. Despite the recent plunge in the crypto market, thousands gathered in New York City to explore new opportunities. On the same day, the Cannes Lions also started their fourth year talking about NFT. The five-day agenda has listed leading brands such as Coach and celebrity businesswoman Paris Hilton talking about NFTs and what they mean for brands.

More surprises. More buildings.

Back in the crypto world, Binance has signed a signed partnership with Cristiano Ronaldo to promote NFTs. This is part of the multi-year agreement, the Portuguese football star and Binance will create a series of NFT collections for sale on Binance’s platform. CZ, CEO of Binance, tweeted “Now we start” and this drew a lot of confidence for the NFT community.

OKX was named by City as the “Club’s official partner for cryptocurrency exchange” as part of a commercial expansion of the Premier League champions. They then signed McLaren’s Daniel Ricciardo as their global ambassador. When we spoke to Jay Hao, CEO of OKX. He told me that the bear market means opportunities and improved products. He does not think the NFT market is going anywhere. «NFT comes with different variants. Some sectors will be here to stay, and some will just go into oblivion. ” added Jay.

While writing my second book, entitled NFT: From Zero to Hero, I realized a common trend in the NFT markets – “Everyone is trying to copy everyone.” If Binance goes to sports sponsorship, the rest of the stock exchanges will follow. I encourage everyone to make an effort to find their unique suggestions in the bearish era.

The NFT world’s version of survival looks a little different compared to the crypto space in general. There is still a lot of money flowing into the NFT industry which is very optimistic for everyone. The current market may not be the best time for the NFT to grow 100X, but it gives you more time to decide and plan the NFT correctly. Doomday or payroll, it really depends on how you look at it.

“There are 365 days of opportunities in a year.”