If you check out the crypto performance in the month of October, then you might see that Bitcoin and Ethereum have brought forward a significant boom. Also, it has been a lucky month for the meme coins, which came right after Dogecoin and has even been overthrown in certain aspects-namely Inu and Samo. But as compared to the month of September, October has not shown many high hopes for the NFTs out there.
So does this mean that you should not hold on to all your NFT investments? Should you give them all up? No! Of course not! If you are looking for long-term goals, then you should not make any haste decision. Here is everything that you can expect from the NFTs and how they will get a significant hit.
November And December- What to Expect?
As history has shown us, the months of November and December are the months in which all the investors are hell-bent on spending money. And according to the graph, most of the money has gone to the NFT segment.
Most of the investors are pretty excited about the NFTs, but this is one of the weak periods in which the crypto experts are showing a tad bit of concern. Therefore, this November, the scenario could be slightly different because the buyers now have a changed approach seeing the current dip.
What Is The Current Scenario?
SOL has dropped by 35 percent in the last 30 days. At $116, SOL found some traction. The price then began to rise, reaching a 52 percent increase.
After hitting resistance at $178, the price dropped by 22%. The price has gone slightly over the 20-day moving average, indicating that the trend is now downward and that the price may fall. However, if the next few candlesticks close above the MA line, the price of SOL may rise in the next few days.
On the other hand, there are a lot of open sea traders – as many as 125000 traders in October as compared to 91000 new traders who signed up in September. So the overall verdict is that even though there are a lot of new users, there is not much investment in comparison. So why did that happen in the first place?
Explanations
The first reason why this has happened is that Ethereum has shown considerable gains in the month of October itself- and that, in turn, has caused a shift in the interest of the investors out there.
The people who were only looking forward to NFTs for huge gains started comparing it with the conventional crypto coins like Ethereum. And the moment they saw the difference, they somehow paused investing in the NFTs.
Another explanation is targeted towards all the newbies who entered the world of crypto, and as soon as they saw Ethereum rising and giving enormous gains, they stepped away from the NFTs. So the higher Ethereum rises, the less affordable it becomes for the buyers to invest in the NFTs.
If you check all the pages in which you can see the NFT minting, there are numerous newly launched projects that you can put your money on. But it is best not done haphazardly, and you need to do extensive research. Because if you buy a collection that only sells about 10 or 20 coins, then you might suffer loss miserably.
The NFT Pool
If you check a large sample of all the major NFTs out there, you might see that there are some which have gone up considerably, like-DodgePound, Creature World, and Forgotten Runes Wizards Cult. Again, some have seen an enormous amount of dump- namely the Vogue collective and On1 Force. So on average, if you see things without comparing, then you will see that the graph is going flat (check the dollar value).
The Downsides Of NFTs
NFTs are pretty famous, yet the field is still developing. The following are some potential pitfalls:
The Entirely Speculative Market
At the moment, the value of an NFT is solely determined by its aesthetic and sentimental value. It’s impossible to know how much it’s worth as a long-term investment, so it’s just guesswork right now.
NFTs Have The Potential To Be Stolen
Hackers who don’t believe NFTs are “genuine” investments have targeted them in the past. Many exchanges use security procedures that are old or ineffective.
The Future Of Sustainability Is In Question
Creating and selling NFTs, as well as blockchain transactions consume a lot of energy. Some scientists are concerned that a growing NFT market would exacerbate the effects of a quickly deteriorating environment.
Control Does Not Imply Ownership.
Ownership of an original NFT does not imply ownership over its distribution or duplication across platforms. Ownership just means they have the “original” – they have no power to prevent “prints” from being made.
So, how do you think the NFT market will fare in the coming years? Only time will tell if this is true.
Where Is The NFT Future Heading To?
Right now, there are just about a hundred thousand new buyers every single month, and that is just the tip of the iceberg. There is an ungodly amount of possibility to acquire new buyers from major tech platforms. So, where does it start?
CoinBase is doing a fantastic job in rolling out the new users- to date, it has been able to gain as many as 2 million people who are still on the waitlist. It is no wonder since there are already 68million people who are already registered to this forum. If Coinbase continues to create a smooth buying experience, literally nothing could go wrong- and the number of NFT buyers will go up for sure.
In the month of December, Twitter is going to take over the entire integration process so that it can authenticate all the NFT buys and the users as well. You can use it for making it the Twitter avatar and hence claim ownership.
Robinhood is another forum that is going to bring out its very own crypto wallet. It will give a seamless experience to the users so that they can explore the Web3 ecosystem to the fullest. And what’s more! You can now take the crypto off the app at your convenience. Also, it might collaborate with CoinBase to bring a better market.
YouTube / Social Media Integration
Most of the crypto experts are now in Social media and actively talking about NFTs on YouTube channels and Tiktok as well. Most of the bigshot investors and even newbies who are following them can get accurate predictions and make the purchases accordingly. So if these influencers say that NFT is not a landmine and has high hopes, then there is a high chance there will be steady growth in the number of buyers.
Apart from that, forums like Valve are putting a complete ban on crypto gaming and Epic Games who are doing just the opposite.
The permutation combination methods are all set to work for the betterment of the NFT future. Adobe, meanwhile, took an approach of putting all of their energy into the making of NFTs and encouraging its growth-and that is a positive vibe coming from such a huge brand.
