Earlier this year, NFTs saw a rather notable crash in their activities as the market entered a stagnating period; leading many to believe that the so-called “bubble” of NFTs had burst and that the hype had officially died down.
But that is far from the case
Since entering the bull run this mid-summer, NFTs have once again seen a whopping increase in activity that is somewhat on par with that of the DeFi space. As of writing, according to CoinMarketCap the market cap of NFTs has risen by around 8%, and trading volume, by about 27%.
This contradicts the notion that NFTs are mere hype, and while crazy things do happen in the space, their legitimate use cases keep expanding, which in turn continues to attract users from around the world to take advantage of their benefits.
Take Axie Infinity for instance,
Axie Infinity is a blockchain-based game that greatly utilizes NFTs for its Axies; creatures that users breed, train and use for battles against others. Its native governance token — AXS — has seen a surge in price this past month, seeing an increase of over 280% in value.
In the Axie marketplace, over $27 Million in Ethereum was traded in a 24 hour period at the time of writing, which equates to around 63,841 total items, of which 63,731 were Axies.
While not the only NFT-centered video game, Axie Infinity is one of the most popular ones out there, and as the numbers reflect, NFTs are rather far from dwindling. It is a good example of video game NFTs done right, and a glimpse into what we may see in the future as they see further adoption.
The takeaway
Are there absurd cases of NFT sales that may numb a few too many minds? Yes, but to use that as a basis to label NFTs as a fad, or a craze, is a great leap; and that conclusion needs to take a few steps back, somewhere better grounded in reality.
These latest movements in the space strongly indicate that at the moment, NFTs are tied to the crypto market, and thus, their performance shouldn’t be judged outside of that context.
The more such projects succeed, the more they have to say about the sheer utility of NFTs.
MozikNFT focuses on the music industry is already leading the way in that regard. With its massive platform, Mozik will do the honors in demonstrating how the future of art and entertainment lies in NFTs and blockchain technology.
About MozikNFT
Mozik is a decentralized music NFT platform aiming to build a healthier and fairer music ecosystem. Through the decentralized NFT platform, Mozik adopts blockchain technology to register earnings through music copyright, super-star IP, and IP derivatives on-chain. All the participants in the music ecosystem, including creators, publishers, customers, and fans can fairly participate. Through Mozik’s platform, artists will be incentivized to create more and better quality music. With lowered publishing costs and higher engagement from music fans, all participants can share in the rewards, and create a healthier and fairer music ecosystem.
