NFTs, a revolution equivalent to Bitcoin?

NFTs, a revolution equivalent to Bitcoin?



Highs and lows – While thecrypto winter continues to befall our wallets, the positive speeches on cryptocurrencies and so-called web 3 technologies are auspicious. They would even warm our hearts. Indeed, many leaders and influential players in the cryptographic world have been questioned about thefuture of NFTs. Their unanimous responses praise the merits of NFTs and even envisage that in the future, they will be as disruptive as Bitcoin: the king of cryptocurrencies. Explanations!

When Bitcoin and NFTs look gray

This is no surprise to anyone. Right now the markets are bleak. the Bitcoin (BTC) lost more than 60% of its value in a few months. L’Ether (ETH) has taken the same direction and other altcoins are struggling to survive.

In this nightmare, NFT also followed the fall of cryptocurrencies and the largest collections of NFTs, such as those of the Bored Ape Yacht Club and many others, have also seen their value drops by more than 99% .

So is this the end of the beginning or the beginning of the end for Bitcoin, cryptocurrencies and NFTs?

NFTs follow cryptocurrencies in free fall

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All bullish on NFTs…

Influential players in the crypto space seem rather convinced of the contrary. And if the NFTlike Bitcoin 10 years ago, were revolutionaries ?

That’s what you think Jonathan Miller, the managing director of the Kraken cryptocurrency exchange in Australia. Despite the fall in prices which has affected the markets, the entrepreneur remains confident and optimistic for the non-fungible token market.

This current lack of interest in non-fungible tokens would then be almost natural according to him. Like the internet in the 90s, NFTs are an innovation “just as disruptive as Bitcoin was 10 years ago”. To which J. Miller adds:

“(…) Despite the slowdown in NFT market activity and sales volume in September, we are still seeing positive adoption signals at the institutional level and continued growth in use cases. »

On the way to adopting NFTs and cryptocurrencies?

Jonathan Miller’s enthusiasm should be viewed with a grain of salt, however. L’“nightmarish user experience” (whether for cryptocurrencies or for NFTs) remains an obstacle for the neophyte. In this direction, Mason Edwardsdirector of the foundation Tezossupports the words of his colleague and underlines the volatility of web technologies 3:

“We are still not at a point of maturity in the NFT market. We’re still going to see people buying a stone for $1 million.”

Thus, like Bitcoin, the disruptive arrival of NFTs will not happen without a storm. So even if in the current state of things, NFTs and Bitcoin are going through troubled times, the web technology 3 never stop attracting many giants of the traditional finance. Thereby, faced with the macroeconomic context that we are going through, crypto and NFT investing may be a solution for the future.

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