As an example, Buterin cited the popularity of Ethereum Name Service domains, which allow users to convert long blockchain addresses into simple names that can be bought, sold, and traded. In an interview with WIRED published this week, the 28-year-old wunderkind predicted that the NFT ecosystem will gravitate more toward utilitarianism over market-driven enthusiasm. Take Vitalik Buterin, the cofounder of the Ethereum blockchain and a semi-skeptic of this year’s NFT madness. And unfortunately for owners of NFT collectibles, which drove much of the recent craze, the most common responses focus on commerce over art. It’s a question that blockchain bulls are increasingly having to answer following the disintegration of NFT values. So where does the NFT ecosystem go from here? Many others are holding on for dear, dear life, hoping to ride out the crash.īut the barren demand for NFTs shows few signs of returning to its early 2022 heyday, when unrestrained hype and frothy global markets turned Bored Ape and CryptoPunks into a peculiar phenomenon.
Most NFT sellers in the past 30 days still turned a profit on their digital assets, according to NFTGo data. It’s not all horrendous news for NFT owners. (NFTs, as a reminder, are unique digital assets recorded on a blockchain.) Barring a wholly unexpected last-minute rush of sales, NFT trading volume will land around $500 million in September, a 15-month low. Bloomberg, citing data from Dune Analytics, reported Wednesday that non-fungible token trading in September has returned to pre-bubble levels, with monthly volume falling 97% from a January peak.
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