It’s a crisis of NFTs in art (and beyond). Cryptocurrencies and the metaverse are no longer dreaming
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Nft (Non-Fungible Token ) and metaverse at the beginning of 2022 were the most abused words, perhaps even defusing the assets of the US Big Tech crisis with its wave of layoffs that hit almost all technology companies overseas. After a year of inflation and consumption crisis we can do the math. Indeed, a recent report by Deloitte Private made them. According to which in 2022 the race for digital certificates that certify the deed of ownership of a product that only a year ago had become a craze, such as the metaverse, will significantly slow down. The art sector that first drove the tokens – in 2021 a digital work by the artist Beeple was sold for over $60 million at Christie’s – has a negative sign. in 2022 collapse of 60%
The reasons for the minus sign.
For the consultancy firm, the drop is due to the fluctuation of cryptocurrencies (NFTs are based on blockchain, the same system as digital currencies) and to the bankruptcy of the large Ftx trading platform which dragged down the value of the entire market. More broadly, not just in the art world, fintech firm Bitay reports that from January to September 2022, NFT trading volume plummeted by 97%, from a combined value of $17 billion to just $466 million. .
Even in video games it is no longer mentioned
Even the world of video games which had been referred to as a generator of Nft after some unsuccessful forward leaks no one dares to talk about certificates of ownership anymore. From an economic point of view, the idea of taking pieces of your favorite video game at home could make sense. From a technological point of view, however, no credible idea has emerged to make these digital objects truly interoperable.
Growth prospects
Yet, the televisions in the first place have invested in this certificate by opening their products to the possibility of collecting (and viewing) these works. According to some analysts, therefore, the crisis is only cyclical. We need to wait for consumption to restart.
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