{"id":277453,"date":"2021-06-17T22:04:00","date_gmt":"2021-06-17T19:04:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth\/"},"modified":"2021-06-17T22:04:00","modified_gmt":"2021-06-17T19:04:00","slug":"as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth\/","title":{"rendered":"# As NFT market cools, a chance to learn lessons from its explosive growth"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29bbcd9bcca\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29bbcd9bcca\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth\/#Learning_lessons\" >Learning lessons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth\/#The_answers\" >The answers<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># As NFT market cools, a chance to learn lessons from its explosive growth <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>\n<p dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.movenetwork.io\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1480\" height=\"200\" alt=\"Picture_0\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/18993b5bb2b8efe8379f63b1fdd1ac80.jpg\" title=\"Picture_0\"><\/a><\/p>\n<p dir=\"ltr\">What a difference three months makes. Back in March, there was a jubilant atmosphere when Beeple\u2019s mega nonfungible token sold for $69.3 million. You didn\u2019t have to look far to find bold proclamations that crypto art was the next bold frontier in culture \u2014 offering opportunities to fledgling creators and transforming the way we interact with masterpieces.<\/p>\n<p dir=\"ltr\">Things look a little different now we\u2019re in June. All-time highs for Bitcoin and Ether are a distant memory, and\u00a0sobering figures published by Protos suggest that NFT sales have plummeted by 90% since their peak in early May. (Some have questioned this data).<\/p>\n<p dir=\"ltr\">It\u2019s a good time to reflect on how far we\u2019ve come, and where we are going next. Endless column inches are now being devoted to the death of NFTs as an asset class \u2014 drawing eerie similarities\u00a0to the hundreds of articles and tweets that have warned Bitcoin is heading to zero ever since its inception. (One of them\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mark_dow\/status\/1303198720356356099\">came<\/a> in September 2020, not long before the cryptocurrency\u2019s dramatic bull run began).<\/p>\n<p dir=\"ltr\">Although the crypto markets are rather turbulent right now, those catastrophizing over NFTs might be rather short-sighted.<\/p>\n<p dir=\"ltr\">Just look at what Beeple \u2014 real name Mike Winkelmann \u2014 told CNN back in March: \u201cNFTs as a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> are super exciting and a lot of people are comparing it to the early days of the internet. With the early days of the internet, you had a lot of hype and you had a lot of speculation, and then there was a bubble, and the bubble burst. But it didn\u2019t wipe out the internet, people kept using the internet.\u201d<\/p>\n<p dir=\"ltr\">Essentially, his point is this: NFTs that have real utility will continue to endure. And indeed, it\u2019s worth noting that the Protos research stresses that crypto collectibles such as CryptoPunks have managed to remain resilient during this bearish downturn. (Indeed, Sotheby\u2019s sold a rare CryptoPunk for $11.8 million just last week \u2014 what it described as a new world auction record).<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Learning_lessons\"><\/span>Learning lessons<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">The NFT sector might have taken a beating in the short term, but this doesn\u2019t detract from how these assets are unique, provably scarce and indivisible \u2014 transforming the notion of ownership entirely. There are use cases for nonfungible tokens that haven\u2019t been dreamed up yet, and development and innovation in this industry is still at a nascent stage.<\/p>\n<p dir=\"ltr\">Explosive levels of growth in this industry have led to obstacles arising. At times, there has been very little oversight when it comes to the verification process. Congestion on the Ethereum blockchain, the birthplace of NFTs, has also stymied development.<\/p>\n<p dir=\"ltr\">One way of helping the NFT sector bounce back from its current malaise is to increase public awareness about the opportunities that these tokens bring \u2014 and make it far less expensive for creators to mint their very own tokens. Right now, digital artists who are just starting out risk overspending on minting NFTs because of Ethereum\u2019s high transaction fees and gas costs \u2014 and they may fail to recoup these expenses if their art doesn\u2019t sell.<\/p>\n<p dir=\"ltr\">Creating an environment where nonfungible tokens are easy to discover and inexpensive to buy and sell is nothing short of crucial.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"The_answers\"><\/span>The answers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">One platform that is vying to make NFTs more accessible to all is\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.movenetwork.io\/\">MOVE Network<\/a> \u2014 a developer-friendly blockchain that is energy efficient and well secured. Its end-to-end NFT aggregator brings digital assets together in one place. Gas fees are currently being waived for all users, and the ecosystem gives them a chance to easily tokenize their digital content with minimum expense.<\/p>\n<p dir=\"ltr\">This is coupled by a gamified experience that injects fun, intrigue and excitement back into the NFT space. Through the use of \u201cblind boxes,\u201d rare and valuable tokens are going to be hidden, waiting to be discovered. The project hopes that this will offer a new element of surprise for being a part of the MOVE Network community.<\/p>\n<p dir=\"ltr\">Some of the main focuses for MOVE Network include ensuring that these assets can be traded with ease and setting the foundation for NFT tickets \u2014 an innovation that could achieve a newfound level of sentimental value for fans who attend events, all while ensuring that tickets can only be resold under certain circumstances and eliminating the risk of counterfeits entering circulation.<\/p>\n<p dir=\"ltr\">The past 12 months have seen MOVE Network completing a beta test, enabling its platform to be used for demonstrative purposes. A collaboration has been established with the H Collective, a corporation that regularly works with top producers and talent in Hollywood. It\u2019s hoped that this partnership will pave the way for NFTs to revolutionize the film industry. Meanwhile, the platform has also successfully closed a $1.5 million seed funding round to fuel its global expansion, and development of the blockchain technology that fuels its ecosystem.<\/p>\n<p dir=\"ltr\">Movie mogul Sid Ganis \u2014 who has worked as a top executive at studios including Sony Pictures, Lucasfilm and Warner Bros \u2014 has also joined MOVE\u2019s advisory board. He said: \u201cThe film industry is constantly changing and innovating. I have been lucky to be a part of those changes for many years. Now <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">movies<\/a> and content are moving into the crypto marketplace via NFTs, which is another major shift into the 21st-century world of global entertainment. I am very h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y to bring what I know to the process.\u201d<\/p>\n<p dir=\"ltr\">MOVE\u2019s NFT marketplace is scheduled to launch in the third quarter of 2021, complete with \u201cblind boxes.\u201d A MOVD token sale will also take place, with the cryptocurrency set to be listed on a major exchange thereafter. Later in the year, additional entertainment industry partners are set to be unveiled \u2014 with a decentralized NFT trading platform due to launch on Binance Smart Chain.<\/p>\n<div style=\"background-color: #f0f0f0; padding: 8px 21px; font-weight: bold; color:#253137;\">Learn more about <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.movenetwork.io\/\" style=\"color: #253137;\">MOVE Network<\/a><\/div>\n<div><span style=\"font-size: 12px; color: rgb(169, 169, 169);\"><span style=\"font-weight:600\">Disclaimer.<\/span> Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. <\/span><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/as-nft-market-cools-a-chance-to-learn-lessons-from-its-explosive-growth\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# As NFT market cools, a chance to learn lessons from its explosive growth &#8221; What a difference three months makes. Back in March, there was a jubilant atmosphere when Beeple\u2019s mega nonfungible token sold for $69.3 million. You didn\u2019t have to look far to find bold proclamations that crypto art was the next bold&#8230;<\/p>\n","protected":false},"author":1,"featured_media":277454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9kMzdiOTRjODljN2NlZjZhZTAyZGE4M2IxNWI3MjA4ZS5qcGc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,77892,74863,95118,55649],"class_list":["post-277453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-crypto-collectibles","tag-cryptocurrencies","tag-nft","tag-artists"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=277453"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/277453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/277454"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=277453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=277453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=277453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}