During the bear market, it is undeniable that many assets are quite red, whether it is the stock market, the crypto market, or even gold itself. But another asset that we can’t overlook is the NFT market. How is it now? Let’s see.
NFT is a form of crypto-market asset that focuses on collecting in the form of art.
information from TheBlock shows that NFT trading volume for the number one blockchain, Ethereum, dropped from its peak of $1.66 billion, or about 60 billion baht, during the week of May.
and currently has a trading volume of $ 80.52 million, or about 3 billion baht, or more than 95% reduction and many NFT collections. Even with the top market cap, the floor price has dropped more than 80-90% in the past period.
First of all, NFT has one thing that is different from many crypto assets:
Thailand ranks 2nd in the world with more than 9.9% of internet users owning digital currencies. Additionally, the dominant crypto exchange, BitKub, in Thailand, saw 600% growth in 2020.
เนื่องจากการที่บล็อกเชนนั้นมีความกระจายศูนย์และโปร่งใส ทุกๆ ธุรกรรมอย่างการซื้อ การขาย การเสนอราคา หรือแม้แต่ข้อมูลสำคัญอย่างเจ้าของสินทรัพย์ในอดีต เจ้าของสินทรัพย์ปัจจุบัน หรือแม้แต่ประวัติการฉ้อโกงของ NFT จะถูกบันทึกอยู่ในบล็อกเชนอยู่ตลอดเวลา และไม่ว่าใครก็สามารถเข้าไปดูได้ ซึ่งหากโกงจริงก็ไม่เป็นผลดีมานักต่อราคาที่จะนำมาเขาต่อ
Just because we post something on social media doesn’t mean we truly own it. For example, the most functional way to show ownership of something is to post it on social media. such as taking pictures of luxury watches, taking pictures with luxury cars, or even showing off money on social media. In fact, we do not know who actually owns the asset. It may or may not be the real owner. Back to NFT, what NFT does is that it can seamlessly close this gap. For example, Twitter is now allowing people to prove ownership of their NFT profile picture, and then the frame of our profile picture will be a hexagon shape so that anyone can see that we own the assets.
We will notice from the above that assets that show social status nowadays, whether it’s brand-name items such as Chanel or Gucci bags, that people tend to buy for the brand’s value rather than buying them for the expectation of functional value. Or like world-class art or others, still lacking the features of the two things mentioned above. Drama or being tricked into selling fakes will no longer exist because we can examine the origins in detail.
Nowadays, social media continues to grow. and bringing more people to the online world Or, each statement on social media is more perceived than in the real world, so NFTs are a great wealth representation of social media without the need to say who owns it.
This time will be a great testament to NFT’s ability as an asset to go on or not. But if we look at the 3 properties mentioned above, there is no asset that has the same properties as NFT. So, I would like to conclude that NFT at this time is just one downtrend that we turn to look at during the next 5–10 years.