SNEAK PEEK
- Garzik believes high-quality programs will develop, as the crypto market has weathered the hype.
- Popular projects like Blur will increase market competition and force market competitors to enhance and get better.
- Users are pursuing NFTs that are likely to be useful, engaging and worthy of attention.
The hype behind the NFTs popularity seems to have settled, according to former Bitcoin core developer and Bloq’s co-founder Jeff Garzik. He is also the founder of NextCypher Productions, a Web3-based entertainment firm.
Garzik said that he calls the NFT market “pleasantly down to earth.”
Though things are not even close to last year’s volumes, they are definitely improving with NFTs. Based on a report by DappRadar, during the first quarter of 2023, there’s been a 137% spike in the trading volume of the NFT market. There was a slight fall of around 15% in March but the ecosystem reached a total value of $4.7 billion for the first quarter.
New and evolving NFT marketplaces such as Blur had a significant rise in the entire trading volume in the first quarter of the ecosystem.
Garzik mentioned that projects such as Blur are not only fantastic but will drive market competition and have possibilities of forcing other competitors to enhance and improve.
He believes that the majority of the NFT hype seems to have burned off finally and users are looking for non-fungible tokens that offer real utility, which is something with which users can engage and which will capture their attention too. Meanwhile, Ethereum is the dominant blockchain in the NFT market in terms of volume and accounts for 89.50% of the market share last month. Solana is in second place with a trading volume of $242 million, a rise of 4.55% from the last quarter.
