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Has the NFT Bubble burst?

On May 3, cryptocurrency 2021 the single day sale of NFT’s (Non Fungible Token’s) stood at $ 102 million. It was a meteoric rise and NFT’s along with the crypto currencies dominated the business news for the early part of 2021. NFT’s have had a huge impact on collectors of digital art. The things took a nosedive after the historic day and the volumes and sales have plunged drastically. The critics have talked about it as a bubble burst. After the cooling down it will take a lot of time to recover. So the question ringing in people’s head is “Has the NFT Bubble burst?”

Any financial institute goes through its ups and downs. The stock markets face it and they bounce back. When we take a closer look at the world of digital ownership there are two major players – the cryptocurrency and cryptocurrency the NFT’s. The crypto are straight forward. They are mysterious and stored in the form of block chain and can shoot up or down with a small trigger. A simple tweet from a multimillionaire can make crypto shoot up of go down. In the past few months the swings in cryptocurrency have been huge. The digital world thrives on the bubble. They can be volatile and NFT the growth is entirely on people’s confidence. On the other hand the NFT’s give you a tangible piece of art for your money. You own a digital picture, a meme, a musical jingle in lieu for your money. So the money invested in the NFT’s gives you something you uniquely own.

The recent developments in the world of NFT’s have only given a positive direction to the growth of NFT’s. National Basketball Association (NBA) in the US has given the world most fancied players. The people around the world have followed the game with passion. The NBA recently decided to auction the prized pictures of the players during the game or outside as NFT’s. The demand has been very exciting. Following the footsteps of the NBA, the UFC have also decided to come up with the auction of the pictures of the fighters. The most followed game in the world is soccer. The people are crazy for the game whether it is played at the International platform or it is done at the club level. Once the clubs decide to go ahead with their collections as NFT’s the real power of the NFT’s would be unleashed.

When Jack Dorsey, the founder of twitter, NFT decided to sell his first ever tweet as NFT he fetched 2.9 million dollars. Sounds huge. Elon Musk, the founder of Tesla released a song on NFT telling the world that he as an investor believes in the power of NFT’s. He says “NFT for your vanity. Computer never sleeps. It’s verified. It’s guaranteed.” Coming from a person who has changed the future of automobiles.

All this is just the tip of the iceberg. Presently only a few dimensions have opened. The real fireworks will begin once the best from every field comes as a digital token. The people’s love for art and interest NFT projects being the sole proud owners will come the NFT’s running high. The best investment comes in the initial stages. Right now NFT’s are one such investment. NFT’s are here to stay and the bubble will not burst.

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