The NFT Market Makes Me Puke'N Sick 🤮🤮🤮 (A 100X Crypto Play?)

The NFT market has always been a very strange part of the crypto market ever since Crypto Kitties back in the 2017 time frame. Personally I didn't see the NFT market getting as big as it did and every time I look at it I sort of shake my head because so many things don't actually make any functional sense. Clearly all this has bogged down Ethereum and the current gas fees are still higher than they were in 2020 despite the fact that Ethereum has scaled some since thing and has went to Proof of Stake. The NFT scene heated up on Solana but for various reasons including network instability it hasn't been able to take over. There are NFTs being minted on Avalanche, BNB, Tezos, EOS and other chains but the issue is once minted on one blockchain it is an issue to get them bridged over to another blockchain. A lot of the trading is taking place on Ethereum despite the fact the fees are out of control. So in my opinion a collection almost has to be initially minted on Ethereum to net the most because that is where the market is and then it has to be ported / bridged / wormholed over to another chain where something would actually be built and where the gas fees are so out of control.

I'm really surprised the floor level has stayed so high for some of the collections and more than two years later after some of those collections were minted no functional game or anything seems to have been developed for those popular collections. Very strange and I don't know how some of the people that got caught holding the bag for some of that stuff feel. I was blown away the insanity lasted as long as it did and it still continues today although the trade volumes have dropped way off. I have always had the feeling that some of those markets were artificially created by bouncing the NFTs around to the same persons various wallets or trading with friends to create a floor and then rampit speculation held some of these collections up. Then the lack of liquidity seems to be holding some collections up because there are absolutely no buyers to reestablish a new floor level.

The situation gets crazier in the fact that HIVE has the Hive-Engine tokens and in game NFTs but then these pixelated useless collections on Ethereum have so much more attention and interest. IT doesn't make a lot of sense to be honest.

All a marketing issue I suppose. A lot of things come down to a marketing issue. Why doesn't Brian Phobos have more followers? A marketing issue.

#nft #boredapes #neotokyo #alexbecker #cryptogaming #nftcollections #nft #opensea #hive #hiveblockchain #web3