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Are We Still on an NFT Downturn?

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Are We Still on an NFT Downturn?

    • The NFT market had a rough start to this year.
    • NFTs and Cryptocurrency might be out of favor for a time as interest rates continue to rise.
    • A few might understand NFTs, but everybody talks about them as they remain a multibillion-dollar market.

Non-fungible tokens (NFTs) have been one of the most dynamic and prominent parts of Web3 over the last two years. But, due to uncertainties, the NFT market had a rough start this year.

Starting with the COVID-19 pandemic that brought a lot of loss of demand up until people emerge from it, prices went higher including NFTs. And when Russia invades Ukraine, inflation hits high because of the food & energy being affected.

With demand outstripping supply, the government wants to step in. Patrick Reinmoeller and Karl Schmedders, professors of Strategy and Innovation at the Institute for Management Development said:

Prices of non-fungible tokens remain high for now and may continue to increase for some time, but a crash will come. With central banks set to tighten monetary policy in an effort to rein in inflation, new and untested asset classes are likely to be punished harder than more reliable ones.

NFTs indeed getting crushed. But declarations that NFTs are finished ignore another plain truth: The economy at large is in strife too. NFTs and Cryptocurrency might be out of favor for a time as interest rates continue to rise. But even if we are in a rising interest rate environment, small companies, especially in the tech industry, would always have something to do about it.

NonFungible, the world’s largest NFT market data platform, released its Q1 Market Analysis. The report said that even though the number of active wallets is decreasing, their buyers are still higher than the number of sellers, which means the interest in buying NFTs is still present.

With nearly $8 billion in traded transactions in the first quarter of 2022, NonFungible, on Wednesday, stated, “The market cannot really be considered to have collapsed.” Meanwhile, a new report from Chainalysis shows that NFT activity has stabilized in 2022, but NFT transaction volume is still growing, despite fluctuating month-to-month.

A few might really understand NFTs, but everybody talks about them as they remain a multibillion-dollar market. NFTs are here to stay because of their enormous profit potential.

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Cryptocurrency

US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

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US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

The United States Department of Justice may move forward on a criminal prosecution case against a United States citizen who allegedly violated sanctions through cryptocurrency.

According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual, who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria or Iran. The filing alleged the individual “conspired to violate the International Emergency Economic Powers Act” and conspired to defraud the United States.

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Cryptocurrency

BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

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BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining.

One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.

BIFI/USDT 4-hour chart. Source: TradingView

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Cryptocurrency

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

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Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N. Johnson was named the sponsor of the agency’s Market Risk Advisory Committee (MRAC) on Tuesday. She replaced CFTC chair Rostin Behnam in that role.

Johnson was nominated to be a CFTC commissioner by U.S. President Joe Biden in September 2021, concurrent to the nominations of commissioner Christy Goldsmith Romero and acting chairman Behnam as the permanent chair. Johnson was sworn in on March 30. She moved into the position after spending over a decade as a law professor. Johnson is the author of academic papers in which she has advocated for stricter controls over cryptocurrency. Johnson said in a statement:

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