What Is An NFT: Why The HYPE is OVER!

Описание: Some of you are probably wondering, What is an NFT?

NFT stands for non-fungible token.

But what the hell does that mean?

"Non-fungible" more or less means that it's unique and can't be directly replaced with something else.

For Example, BITCOIN is fungible, meaning I can give you one bitcoin in exchange for another bitcoin.

NFTs, on the other hand, don't work that way. For example, I can't give you a picture of a monkey in exchange for the same monkey because each NFT is UNIQUE or ONE of a kind.

So what are the use cases for NFTs?

Most people use them for digital artwork and whatnot.

However, none of that matters right now because the HYPE is over.

So, how do I know that? Let's dive into the charts for a deeper look.

Here's the Google search trend for NFTs over time. And as you can see, it's falling off a cliff.

And here's how it looks on a longer time horizon. It looks absolutely disgusting.

Next up, let's look at the marketplace volume for NFTs. This means the actual $ is transacted on a month-to-month basis.

As you can tell, the trend is also way down.

The month of March isn't over yet, but we can project about 2 billion in gross transactions at this run rate, which is less than half of the previous month.

But it's also worth noting that most of these transactions volumes are FAKE.

Meaning the creators of these NFTs would buy their OWN projects to set a higher price floor. Or to save themselves from embarrassment.

Anyways, that's all I have for today, folks. If you like what you see, make sure you follow for more!
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