NFT and meta-universe heat retreat, where to go after the pain?
Dune Analytics The data show thatFebruary volume on OpenSea based on Ether was $3.577 billionThe number of NFT transactions was 2.14 million, down 13% from January (2.46 million).
NFT ebbs and flows, meta-universe suffers
The market has the most sensitive and fair sense of smell, compared to the previous fireThe NFT market has recently been able to clearly feel the slight chill of an ebbing tide, and the chill of the market is most clearly experienced in terms of trading volume.
NFT market volumes have been on a volatile downward trend over the past 30 days, with NFT volumes peaking over the past year on February 1.Single-day volume reached $900 million, while month-end volume plummeted nearly 76% to approximately $130 million.
Of course, small periodic pullbacks during the decline were mostly seen in the form of positive news, such as the recent Yuga Labs acquisition and the impressive performance of NFT, the corresponding boring ape.
In addition to thatIn this massive downturn, blue chip NFT has performed relatively wellAccording to NFTGo data, the top blue-chip NFT series Azuki, for example.
Azuki has been selling for a high of 95 ETH in the past week, with its average price fluctuating, but staying in the 10-15 ETH range.
Meanwhile, theSales of The Sandbox, a metaverse project, also plummeted to 12,683 ETH in February, down nearly 50% sequentially compared to January 2022 sales of 24,516 ETH.In addition, sales at The Sandbox site peaked in November 2021, with sales reaching 34,366 ETH that month.
NFT, the meta-universe is having its own bout of pain.Steam founder Gabe Newell was outspoken in an interview not long ago, explaining why the platform banned NFT and cryptocurrencies, arguing that a lot of "illegal" things were going on behind the scenes.It also says that "most people who are talking about the metaverse are off base and have obviously never played an MMO (massively multiplayer online game)".
Painful period for the blue chips
Meta (formerly Facebook) is making a lot of noise about the All in metaverse, with founder and CEO Mark Zuckerberg saying at the end of June 2021 that the company's future plans go far beyond social media to building a metaverse.Zuckerburk even declared his desire to build Facebook into a meta-universe company in the next 5 years or so.
While there is no shortage of public skepticism about Meta's meta-universe ambitions, Meta has always been seen as sitting on a huge advantage as a social media giant serving billions of online users around the world.
However, the reality is very hard. Six months after announcing the "All in" meta-universe, Meta announced its latest financial report on February 3, which is also its first financial report after focusing on the "meta-universe".Not only the overall performance was not satisfactory, but the innovative business of "AR and VR-related hardware, software and content" related to the metaverse was even more dismal.
Although Zuckerberg had taken precautions regarding the profitability of the "Meta Universe", saying that "the possibility of Meta Meta Universe business being profitable for at least the next three years is very small", once the earnings report came out, Meta Universe's ability to burn money was still beyond imagination.
Meta's shares also plunged 21% after hours, the biggest one-day drop since the company went public in 2012, and have since fallen even further. So far.Meta has fallen more than $35% and its market cap has fallen below $600 billion.
The undercurrent under the giant's race to enter
On March 16, Mark Zuckerberg, founder and CEO of Meta (formerly FaceBook ), said at South by Southwest thatMeta is working on bringing NFT to Instagram in the short term, however, I'm not ready to announce the specifics today.
In fact, the layout of the Internet majors in the NFT and metaverse has begun to accelerate significantly.
NFT avatar functionality on the adult network OnlyFans in December 2020.
In January, Twitter added support for NFT avatars.
Also in January, theReddit, with 425 million monthly users, allows users to add NFT tags to their profile pictures;.
In February, Alexander Tobol, technical director of VKontakte, Russia's largest social network, said in an interview with Russian media that he plans to integrate NFT and blockchain technology in its operations.
YouTube CEO Susan Wojcicki was even more outspoken when she announced the NFT integration, which will help creators take advantage of new technologies like NFT to enhance and improve the experience of creators and fans on YouTube.
It's not just social media giants looking to get in on the action that the crypto industry has to offer. traditional financial companies are also showing interest in this area. Traditional financial companies have also shown interest in the space, with an application filed this week with the U.S. Patent and Trademark Office by American Express showing that the company is ready to offer virtual banking and transaction services, cryptocurrency services, and allow its credit cards to be used in the NFT marketplace.
The day before yesterday Japanese social giant LINE also started cooperation with 26 companies such as Visa and Crypto.com in the fields of games, manga, entertainment, metaverse, and art, with plans to build a global NFT value chain.
In a way, these aggressive entrants to the Internet, especially the giants, are helping all the timePromote NFT and Meta Universe's philosophy, products, and innovative advantagesOn the one hand, it attracts a large number of users outside the circle to experience, use and support the change, and on the other hand, it also accelerates the maturity of the industry iteration in terms of product service.
It was under the obscure moment thatThe most anticipated positive variable for the future.
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