NFT techno-drama - Chronicle of a death announced and never happened

If a few months ago the dominant topic on the web and on social media concerned Botticelli and advertising, today the media seem to have identified a completely different target for the periodic invasion of our virtual bulletin feeds: NFT seem to have no more value. This news is so tragic for those who own them as exciting for all those who had sided against this new art form and now stand proud with their “I had said so”. The international techno-drama concerning fungible tokens, moreover, is revealed after their death had already been declared, sanctioned and certified several times by the generalist press. But, ironically, is that really the case?

According to reports by a group of researchers, and then spread by prestigious publications such as Rolling Stone and The Guardian, 95% of NFT would no longer have any value on the market. To be more precise, on a sample of 73,257 NFT, 69,795 no longer have value.

The first thought that comes to my mind is that fortunately researchers have not extended this analysis to the value of traditional (physical) works of art sold on the various online ready-to-wear art portals. This probably avoids a depressive attack, considering the trend of the first market. I also wonder whether it is correct to say that 95% of NFTs are no longer of value, given the vagueness of this assertion.

Essentially, an NFT is a blockchain-based digital entity associated with a work of art, but it can represent video, animations, images, photos, graphics, sounds, music, 3D depictions and more. NFTs can be created and deposited on blockchain by anyone, including more or less famous artists. But what kind of sample was examined in this research? It is not known.

Those who follow the sector know that it has experienced a period of enormous visibility and that it has been marked by a market strongly inflated by an enthusiasm probably exaggerated. It is also well known that this enthusiasm has been pushed to the limit by the big speculators to make huge financial profits. Today, all of this is rapidly disappearing and what was once called a market in FOMO (Fear Of Missing Out/fear of losing opportunity) is turning into a more credible and sustainable art market.

To ask which NFT no longer has value leads to reflecting on the fact that many “artworks” created in a period of artificial fervor could have safely avoided being born. Today, fortunately, those who entered the industry only in search of easy earnings are leaving empty-handed towards other opportunities. The current state of the NFT market is not so bad. Those who invented artists with the illusion of getting rich quickly no longer saturate the marketplaces. On the contrary, creative paths full of great innovation are born every day. The technological tool is particularly suitable for this purpose.

The sustainability of the market thanks and collectors who can buy at competitive prices are happy with the many opportunities offered by this sector.

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