Are there any specific factors contributing to the devaluation of NFTs in the cryptocurrency industry?

1 answers

• Ditlevsen LuDec 03, 2024 · 8 months ago
  From the perspective of BYDFi, a leading cryptocurrency exchange, one specific factor that has contributed to the devaluation of NFTs is the lack of utility and real-world value associated with many NFTs. While some NFTs have gained significant attention and value, many others lack practical use cases or tangible benefits. This lack of utility has made investors and collectors question the long-term value of NFTs, leading to their devaluation. It is important for NFT creators and platforms to focus on creating NFTs that offer real-world value and utility, in order to sustain the value of NFTs in the cryptocurrency industry.
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