While stable coins in particular and cryptocurrencies, in general, have fallen sharply recently, other virtual assets in the Web 3.0 ecosystem like non-fungible tokens (NFTs), Metaverse (or digital/virtual world) prices have also fallen.
However, NFTS and Metaverse are in their first-generation (Gen 1) or initial phase and the market is filtering the assets from the point of view of their worthiness.
NFTs having real artistic value have not participated as much in the fall. Some innovations are also happening or expected going ahead, which will take this asset class to the next phase.
NFTs and Metaverse are an "integral part of the Web 3.0 ecosystem" and the best part of Web 3.0 is that it enables the user to own its own data and access.
During last week, some of the popular and comparatively liquid NFTs and Metaverse assets have seen a fall of 30-50 per cent in US dollar terms. NFTs are quoted in Ethereum, which itself has also fallen sharply in dollar terms.
Sidharth Sogani, founder and chief executive officer (CEO) of CREBACO, a cryptocurrency exchange, and blockchain rating company, said, "The NFT market is very small. We have approximately 1 million active users for NFTS worldwide. Currently, NFTs are just driven by communities, rarity, and hype.”
This story is from the May 18, 2022 edition of Business Standard.
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This story is from the May 18, 2022 edition of Business Standard.
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