SIMONE DEL ROSARIO: THEY CAME ON LIKE A STORM – BUT ARE NFTS ALREADY “OVER?” IT’S BEEN JUST A FEW MONTHS SINCE THE HIGHEST NFT SALE EVER AT NEARLY 100 MILLION DOLLARS, BUT HERE ARE FIVE SIGNS THE NFT HYPE IS ALREADY CRASHING IN THIS WEEK’S FIVE FOR FRIDAY.
COMING IN AT NUMBER FIVE – SEARCHES FOR NFTS ARE DOWN, WAY DOWN. ACCORDING TO GOOGLE TRENDS, SEARCHES HAVE MORE THAN HALVED SINCE THE PEAK IN JANUARY. AND TO THINK, THERE WAS A TIME WHEN THE “NFT” SEARCH TERM WAS MORE POPULAR THAN “CRYPTOCURRENCY.”
IN THE FOURTH SPOT, THE AVERAGE SALE PRICE OF AN NFT IS NOW $1,500 DOLLARS IN APRIL COMPARED WITH AROUND $4,000 IN JANUARY. ACCORDING TO NONFUNGIBLE, OVERALL DAILY SALES HAVE ALSO PLUNGED FROM $160 MILLION JANUARY 31ST TO UNDER $30 MILLION THIS WEEK. CASE IN POINT, A BORED APE NFT RECENTLY SOLD FOR $224,000 – A LOSS OF $68,000 GRAND FOR THE SELLER WHO JUST BOUGHT IT IN JANUARY.
AT NUMBER THREE, THE GUY WHO ACCURATELY PREDICTED THE 2008 MARKET CRASH IS AT IT AGAIN. RENOWNED AUTHOR AND STATISTICIAN NASSIM NICHOLAS TALEB TWEETED “THE NFT THINGY IS STARTING TO BURST,” PROPHESIZING HIGHER INTEREST RATES WILL REVEAL THE CRACKS. TWITTER WASN’T HAVING IT THOUGH – CALLING TALEB OUT OF TOUCH AND OBSESSIVE.
SPEAKING OF OBSESSIVE, IN THE TWO SPOT – PSEUDO-CELEBRITIES…. CONSIDERED BY SOME “THE WORST ONE AND A HALF MINUTES OF TELEVISION IN 2022,” PARIS HILTON AND FELLOW-BORED APE OWNER AND HOST JIMMY FALLON WERE HAMMING IT UP OVER THEIR SIX-FIGURE NFT COLLECTIONS. TWITTER REVOLTED AND “QUINTON REVIEWS” MIGHT HAVE SAID IT BEST, “IF ANYONE CAN KILL NFT CULTURE IT’S JIMMY FALLON AND PARIS HILTON.”
AND THE NUMBER ONE SIGN THAT NFTS BEST DAYS ARE BEHIND IT – THE NFT OF TWITTER FOUNDER JACK DORSEY’S FIRST TWEET TANKS IN VALUE. WHEN THE TWEET WAS CONVERTED INTO AN NFT LAST YEAR, PEOPLE WERE SHOCKED SOMEONE PAID $2.9 MILLION. HE JUST PUT IT BACK ON THE MARKET THINKING IT’D FETCH NEARLY $50 MILLION THIS GO ROUND, BUT THE OFFERS STUMBLED IN THE LOW THOUSANDS, AND NOW THE OPTIMISTIC OWNER IS RECONSIDERING SELLING HIS “MONA LISA OF THE DIGITAL WORLD.”
WE MIGHT HAVE TO WAIT A FEW HUNDRED YEARS TO FIND OUT IF THAT ONE PANS OUT. THAT’S YOUR FIVE FOR FRIDAY, I’M SDR AND I’LL SEE YOU MONDAY.
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