Oversupply, Rapacity, And Terrible Tasks Prevented The NFT Market From Developing

According to the creator of Vee Friends, the variety of famous people, businesses, and artists who joined the NFT bandwagon was bound to cause issues.

Popular businessmen and NFT supporters have stated that too much funding, rapacity, and too many low-quality undertakings are the main causes of the non-fungible tokens marketplace’s precipitous decline over the previous year.

On the 12th of December, Vaynerchuck promoted his contemporary blog post via Twitter that examines the current issues facing the NFT region and where he believes it will be in a year.

The businessman stressed that there was a lot of anxiety, uncertainty, and disbelief in crypto this year from social media and clients, who frequently highlighted issues like declining buying and selling rates and ground values. 

The main problems and the time they arrived

He referred once more to forecasting he had made from the previous year, where he claimed that almost one hundred percent of NFT tasks that were obtained pulling during the crypto increase in the previous year would turn out to be awful investing decisions.

Vaynerchuck explained this statement by focusing on the too much popularity and funding of the crypto-related market, short-run desires, and bad investors as the three main issues holding back the market. 

The influence of the media and awful NFT projects

According to Vaynerchuck, the huge amount of famous media people, bloggers, athletics activities winners, huge manufacturers, and character illustrators who got on board in 2022 are certain to create supply and request problems.

More than a thousand and three hundred users were surveyed in the media about their crypto-related tokens purchasing behavior from spring to summer this year by the blockchain tracking software company DEXterlab in June. 

Although 64.3 percent of the responders stated that they sold their crypto tokens to get revenues, it was found that only 42.6 percent had actually made money at the time of the survey.

In contrast, he issued a warning about awful projects, noting that any person could actually publish a crypto-related project.

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