Former Bitcoin Core Developer Says NFT Market Is ‘Pleasantly Down to Earth’ Again
Now that the crypto asset sector has weathered the hype, higher-quality projects are likely to continue developing, Jeff Garzik says.
“I call the [NFT] market ‘pleasantly down to Earth,’” Garzik, who is also the founder of Web3 focused entertainment company NextCypher Productions, told CoinDesk TV’s “First Mover” on Tuesday.
While still nowhere near the volumes of last year, things have been picking up with NFTs. According to a report from online store for decentralized applications (dapp) DappRadar, the NFT market had a 137% increase in trading volume during the first quarter of this year. Despite a slight decrease of over 15% during March, the ecosystem reached $4.7 billion in total value for the first quarter.
New and emerging online marketplaces such as Blur led a substantial increase in the overall trading volume during the ecosystem’s first quarter. Garzik said projects like Blur are “fantastic” in that they will drive market competition, and are likely to “force other competitors in the market to improve and to get better.”
Garzik said that a lot of the NFT hype appears to have finally “burned off,” and users now are looking for NFTs that can provide real utility, something that users can engage with and that will attract their attention.
“The [NFT] hype comes, it goes, and as that water washes out to sea, what is left are the higher quality projects,” he said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.