- Bored Ape Yacht Club prices falling below $100,000 this year
- Scams and gambling in the NFT industry are increasing.
Over the most recent crypto cycle, NFT market conditions have been closely related to and reliant on the wider crypto market. It became easier for investors and private persons to justify gambling on the emerging NFT asset class as the value of technology and digital assets increased. NFTs are inherently rare and illiquid, it produced the right conditions for a sharp price spike that fell even more sharply back to earth.
Changes in the ecosystem, such as widespread fraud and content oversaturation, have an impact on market conditions as well. These changes raise concerns among market participants and increase reluctance among consumers and businesses considering entering the market. It is clear that projects and customers who engage in the NFT environment are harmed by frauds and hacks.
Non Fungible tokens (NFTs) have unquestionably suffered in the most recent months. Many have begun to doubt the worth of NFTs and their place in Web3 as a whole due to the depreciating market, the prevalence of scams and hacks, and the rise in low-quality projects. The Bored Ape Yacht Club and other well-known developments have both suffered this year, with floor prices falling below $100,000.
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