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While the NFT market struggled in sales volume in the second quarter of 2024, Web3 professionals remain optimistic that the asset class will reach its previous peaks once again. In June, CryptoSlam data showed that NFTs had a challenging second quarter this year. The sales volume of digital collectibles dropped by 45% compared to the first quarter of 2024.
What is Happening in the NFT Market?
In the fourth quarter of 2023, Solana-based collections and Bitcoin Ordinals failed to maintain their momentum. Despite the decline in volumes, the Web3 community remains optimistic about the potential resurgence of the asset class. Web3 gaming platform Senet’s CEO Mohsin Waqar expressed his strong belief that NFTs could rise again as more industries find ways to integrate the technology. The executive emphasized that interest would be renewed and sustained if the technology becomes more user-friendly. Waqar stated:
“Yes, I believe interest in NFTs could peak again, especially as technology and applications continue to evolve. The initial excitement phase was driven by curiosity and speculation, but the next peak will likely be shaped by real utility and mainstream adoption.”
CEO of Sui-backed video interaction platform RECRD, Anoir Houmou, argued that NFTs are already witnessing a healthy adoption rate. The executive highlighted use cases like gaming, where NFTs are becoming more prominent:
“For example, increasing endorsements and collaborations with brands can significantly enhance the visibility and credibility of NFTs, attracting a broader audience and providing a more transparent environment for valuation and trading.”
Notable Statements from Industry Leaders
Co-founder of NFT marketplace SuperRare, Jonathan Perkins, compared the space to the early days of the internet. However, the executive noted that the internet has become so integrated today that people think about using it as much as they think about using their phones. The executive believes that NFTs could follow a similar trajectory in the future:
“NFTs are an extremely powerful token standard, and nothing fundamentally has changed regarding their utility or value. I believe we will see trillions of dollars worth of value represented in NFTs over the next decade.”
Meanwhile, co-founder of Lyvely, Dave Catudal, believes that NFTs being considered as collectible items will face resistance for some time. The executive stated that the asset class needs to demonstrate its value to be taken more seriously by a broader user base.
