We’ve seen several cryptocurrencies rise and fall in the past couple of weeks, so if you’re wondering how the NFT market has been doing, you’re not alone. To begin with, the crypto bear attack didn’t spare NFTs, as the NFT marketplace volume has now reached a new low.
The number of accounts trading NFTs has decreased, losing $4 billion in total monthly volume. The average sale value of popular collections like CryptoPunks, Axie Infinity, Bored ApeYacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) has been low –for about six months now. Does this suggest that NFT investors had lost interest even before the bear market started?
According to Google Trends, the global interest for NFTs rose by 426% in August 2021, with several people buying NFTs. As of January 2022, there was a spike in NFT trading volume, with numbers reaching over $16.57 billion. However, as of May 2022, the NFT trading volume fell to almost $4 billion, with OpenSea’s volume decreasing from $4.9 billion in January to $2.6 billion in May, heading towards less than 1 billion in June.
Now for the more important question–do these numbers reflect the survival of NFTs?
NFTs aren’t just for collectors.
They’re for creators, too. NFTs have existed for several years, even before these tokens became popular. There are no signs that the excitement around NFTs is slowing any time soon among creators–who have some basic monetary and ownership rights of digital works. NFTs have also emerged as a powerful branding and marketing tool. Large corporations and even celebrities have created NFTs that have changed the way customers or fans interact with organizations.
Even if the interest in the NFT market declines– the tokens could still become a part of another more significant digital trend. Recently, many companies are converging with the metaverse, blockchain gaming, and the world of web3, and NFTs are a substantial part of this movement. Given their decentralized nature and transparent transactions, NFTs could further drive mainstream adoption of other crypto assets.
The Real Use Case for the NFT’s.
A soon to launch NFT project is promising you something new and community driven for car collectors and fans. This is what The Collection World offers:
The first true MetaCarOwnerClub & MetaCarVerse
Live the ultimate NFT MetaCar Experience
Authentic & Ultra Limited Artcard
Preserving the World’s Automotive Heritage with NFTs
This NFT collection is revolution in the world of supercars and of Blockchain.
The Collection World has acquired a collection of iconic vehicles, which are stored in an exclusive location in Paris: an ultra-secure car park, located under the famous Place Vendôme. The collection will remain in this secret location, which has been set up as a private museum, and will never be put back on the road or resold by The Collection World.
Each of these vehicles will be issued in a series of 1,000 ArtCards, digital numbered collector cards, which use NFT technology and rely on the Ethereum network, to guarantee their authenticity and traceability.
A ticket to an exclusive automotive world
A true digital work of art, each exclusive card has a physical side, including composite art photos of the vehicle, but also a digital side that embeds an artist’s work. For the first work in the collection, Richard Orlinski reinterpreted the first supercar, according to its codes and its universe.
By acquiring an ArtCard™, The Collection World promises an exclusive experience. On the digital side, exclusive content will be accessible: photos, videos and soundtracks, but also a digital metaverse gallery, to immerse yourself in the universe of The Collection World. For the lucky ones, some of the cards even include an invitation to visit the secret gallery at Place Vendôme, in order to physically discover the collection vehicles.
To find out more, visit The Collection World website and when joining the Discord tag Rimo.Digital
Want to invest in NFTs? Since most of them are Ethereum-based tokens, most marketplaces for these collectibles accept only ETH tokens as payment. If you already have an account with a cryptocurrency exchange, you can purchase Ethereum on it and send your crypto to your MetaMask wallet.
If you don’t already have a crypto, the easiest way is to buy it through an online exchange like Binance, Bybit or Crypto.com. These exchanges make it easy to buy, sell, send, receive, and store Bitcoin, Ethereum, Cardano, and over 65 other popular cryptocurrencies.
In the next Blog Post we will learn how you can buy NFTs now.
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