The year 2009 witnessed the birth of a new financial world, the blockchain world. One of the most significant assets in the blockchain space is NFTs. The class of assets got widely adopted in 2021, generating millions, probably billions, for investors. However, some analysts claim that NFT sales are declining, and this space could soon die. Market crashes in 2000 and 2008 are notorious in the financial world. In 2008, investors and homeowners lost billions after an economic recession driven by poor mortgage policies. Will history repeat itself this year? NFTs, a Mere Bubble? Since its introduction, many blockchain antagonists have called NFTs ‘a mere bubble.’ There are many reasons why financial analysts refer to this asset class as a mere bubble. Some of them are as cited below – A Fast Rise in Popularity and Value NFTs gained popularity in a brief span in 2021. It is the year that these tokens started to attract the attention of influencers. The famous musician Snoop Dogg showed his interest in the NFT space. KSI also invested some money in different NFTs. Katy Perry, Justin Beiber, and others were also wildly involved. In 2021, the first NFT album was released and sold for millions. There were many cases of investors selling pieces of NFT for million. This sudden popularity is one reason why people call it a bubble. NFT Sales Reduced Recent reports about the NFT space indicate that the sales have been reducing. According to...
