Seeing this headline, I knew I wasn’t surprised, because if we are being sincere and true to ourselves, NFTs are over priced and over valued and that is the problem. NFTs, 2 to 3 years ago gave some huge unrealistic gains to a lot of people, which attracted more people into the space because most people were more interested in making money and capitalising on the opportunity than actually understanding the technology and the potentials it has. The first time I heard about NFTs, I thought it was a great idea until I started seeing how much people were investing in them. That sounded outrageous to me, why would people pay this much money for a jpeg picture. To make myself feel better I had to agree that it it’s either a Ponzi scheme or a money laundering scheme. Because the high valued NFTs didn’t make any sense.
Over time play to earns started implementing NFTs on their platforms. Most of us went into NFTs because we also wanted to make that money we see other people make. I remember when I bought my first NFT, that was pancake bunny NFTs, I regret buying them because they tanked so hard after purchase. I FOMOed into NFTs, and a lot of other people did. NFTs came with a huge bang price, some of them had utilities and some of them didn’t have utilities. In play to earn platforms people focused more on the potential gains they were going to make from NFTs because they invested in them as an asset.
Don’t get me wrong NFTs are great, the technology is great, but I feel it was abused and over priced. Most people that bought their NFTs at higher prices are regretting now because they have lost a lot in the value of their NFTs, to the extent most gamers don’t want to hear about it because it’s seen as a bad experience or investment. Remember sandbox where NFT houses and ships were bought for over $100k, now no one cares about them and no one is willing to buy them at that price. Games are more of experiences than making money through them, that is why Web 2.0 games have been successful over the years. People play and spend money on them with no intentions or expectations of gaining rewards.
But through NFTs, people started investing and focusing on their investments rather than their experience. The price failure of NFTs broke their heart and that led to one of the reasons gamers don’t want to hear about NFTs any more.
