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The NFT market is certainly crowded.
“If people are willing to pay a fortune for random scribbles, I am gonna launch an NFT collection too,” thought most digital creators in the last few months.
And they have been doing just that. As the obsession with profile picture NFTs slowly subsided, projects have been adding the metaverse and P2E tags to drive speculation. While initial NFT offerings perform remarkably well, these NFTs fail to do well in secondary markets. Going forward, the delivery contradicts the grandeur promises. Communities soon come to see the project for what it is and get rid of their NFTs. The recent crash in the crypto-NFT markets accelerated this trend. It exposed the fragility of the once-hyped projects and communities.
However, some NFT projects have come out of the crash unscathed. NFTs like Silks witnessed a surge in value when the general market was...
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