NFT Week: The bad times and bad press continue

As with the previous week, trading volumes in the NFT space continued to deteriorate significantly. Large traditional media took advantage of the bad situation to publish negative headlines about the fate of these assets.

It’s no secret that the blockchain collectibles market is at a dramatic moment, especially for investors in 2021. Most of these tokens are losing much of their value and investor interest is waning.

In this trend, some traditional media emphasize research on these assets and claim that they are completely worthless. However, while the cryptocurrency community does not deny the current bad times, they are coming out to defend the consistency of these coins in the long run.

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As in recent weeks, NFTs continue to show a clear negative trend this week. This time, several news portals reported on studies establishing the worthless nature of these coins.

Specifically, the Rolling Stone portal stated that blockchain-based collectible assets have absolutely no value. The publication caused dissatisfaction among the cryptocurrency community, who did not hesitate to echo the views of the traditionalist media company.

Social networks, in particular, release all worries and highlight the market characteristics of a free competition society. Simply put, people’s interests and needs are the value of the product.

Regardless, studies cited by the media emphasize that 95% of NFTs are worthless, and the current crash proves this. Some users highlighted the inconsistency in the media, many of which had only recently highlighted the rise of collectibles like the Bored Ape Yatch Club. From this perspective, it can be said that this week’s attempts to disparage NFTs were met with firm resistance from the community.

Like the broader cryptocurrency market, the NFT market has demonstrated its efficiency in practice. In this case, one artist of these collections stands out, raising funds for a very just cause.

Artist Trevor Jones raised a total of $140,000 and donated it to a cancer-fighting organization. This demonstrates the utility of blockchain assets for many other purposes besides speculative enrichment.

This is not the first time that non-fungible tokens have served a just cause. One of the most iconic cases is the fundraising for journalist Julian Assange’s campaign.

So while this week has brought negative vibes to the NFT industry, it hasn’t failed to highlight the importance of the asset and its vast future projections.

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Payments giant PayPal continues to show great interest in the Crypto currency space, and blockchain technology in particular. As we mentioned before, the company will have four patents filed focusing on the second layer of NFTs.

These include blockchain verification and proposals for payments between different network layers. In addition to this, there are applications for virtual payment methods in the metaverse. These are just some of the areas PayPal seems to be focusing on.

The latest steps, released on Thursday, were originally proposed in March 2022. It delves into the details of how validators are selected during the process of adding transactions to the blockchain. One of the company’s main interests is to lead second-layer solutions based on non-fungible tokens.

In short, while the bad times in the NFT world continue this week, that doesn’t negate their potential.

The U.S. Securities and Exchange Commission is once again tightening cryptocurrency regulation. This time, he is focusing on the bank and keeping a close eye on operations.

Recently, the U.S. SEC has once again delayed its approval of a Bitcoin ETF due to possible fraud in the market.

The next generation of Xbox, Microsoft’s flagship video game console, may have an integrated cryptocurrency wallet.

This week, U.S. lawmakers increased pressure on the SEC chairman to approve a spot Bitcoin ETF.

Bloomberg analysts said the U.S. Securities and Exchange Commission may allow the launch of an Ethereum futures ETF next week.

Information source: Compiled from CRYPTOTENDENCIA by 0x Information.Copyright belongs to the author and may not be reproduced without permission

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