The NFT picture and profile picture market is one of the aspects of the crypto industry that I have a had time seeing the purpose. I understand the concept of ownership but I feel like it is being abused by a lot of these projects.
It might sound a bit hypocritical coming from someone with a hive punk as his profile photo. In fact, until today, I'm yet to see the purpose of this punk other than the fact that it is "verified" on Peakd.
It might be anti-progressive to say this, especially considering that I have a couple of punks on the market but I honestly can't think of a reason why anybody will actually buy my punks.
Don't get me wrong, I'm not trying to talk down on anybody's project because I understand how difficult it is to actually start a project. I also know from my experience that it takes a lot of effort to actually grow a community.
Anyway, in my mind, I think this phase of NFT pictures will come and go, and only the projects with working projects will actually survive. To put it differently, if your NFT PFP project doesn't have utility beyond being something we can look at, it will fade into the oblivion.
The numbers don't lie
If you take a look at the market history of Punks on hive, you'll find that the situation is quite grim. In the past 7 days, only 8 Punks have been traded, all ranging between 6 hive to 26 hive.
Also, it is worth noting that all the sales of Hive punks in the past week have been between 9 distinct accounts. What I'm saying in essence is that there's not enough activity in terms of trading volume right now.
For what it's worth, there's some work related to punks going on in the background but it isn't really getting the Hive community pumped. It is pretty much the same thing with hive folks that's hardly ever talked about these days.
In fact, the last publication by the Hive folks account was all the way back in February. In any case, the project has a [roadmap]9https://www.dlux.io/hivefolks/) and if you connect with it, you could take a punt.
I generally like to avoid labels in general, because most times, things aren't always as they seem on the surface. So what I do is just work with what's in front of me, and talk about what I see, rather than give a sweeping comment.
Outside Hive
Cointelegraph reporters and analyst aren't shackled by my inhibitions because they are privy to even more in-depth information than most of us.
In a recent publication, the crypto news agency talked about the general situation of the NFT market. A recent poll carried out showed that only 46% of people are actually flipping their NFTs for profit.
Another poll also showed that a vast majority of people buy NFTs with the sole aim of making money from it, rather than any idealistic purpose. So, in essence, a lot of people have been hugely disappointed by NFT flipping as a whole.
For what it is worth, the article also pointed out that NFTs still has long term uses in the future. Perhaps NFT sales will improve when the market is in a better condition.
I've also noticed that the NFT crowd are always jumping from one project or the other and the projects keep popping up out of nowhere. Sometimes you're rugged and other times you're not, but it is always on to the new thing.
Many of these projects will be useless in the long run though. I honestly think that NFT pfp projects are nothing but a fad and if there's no value proposal in the mix, that project will eventually lose relevance.