During the last bull market, NFTs had a perfect time and many investors bought a lot of NFTs. Today if you ask what happened to those NFTs, it is a huge question for which many project owners don't have an answer. Many projects started very well but found it hard to sustain the value of NFTs people bought. Some of the NFTs are just collectibles and they have no big use cases.
The expectation for people when they invest in crypto is mostly to be able to sell their assets for a good value or they get some fun-filled experience out of it. I believe the next bull market can have a good use case for NFTs.
Proper use case and value
When we purchase an NFT, there should be some meaning for it. I have seen many NFTs being sold for millions of dollars and usually they are just collectibles. Maybe when people trade it, it can give them some profits because they are limited in supply or they have a great demand as collectible. But apart from that fact, what would be the reason for someone to purchase an NFT and hold them?
If I were to purchase an NFT, I would look for a value or use case. I either need something where I can make use of the NFT or I want my NFT to grow in terms of value so that I can sell it for a good price and book my profits.
People wiser enough now to buy NFTs
Today after many NFT scams, people have realized the mistakes and they are wise enough to invest only in NFTs that have some value associated with it. Let's say there are party passes sold out in the form of NFTs and if people would like to join a party, they will have to either buy an NFT or they trade it from the market. This creates an economy around the NFT making it important to hold or buy.
This is what people are doing these days. Before buying an NFT, they find reasons to purchase them and they are getting convinced first and then only buy or hold them. This is one of the huge differences we can see in the market after the previous bull market. During the last bull market, everything was converted to NFTs and people were investing like anything without even understanding if they will be able to use it somewhere or not.
Better support for cross-chain NFTs
In the next bull market, I'm expecting NFTs to be available on multiple chains. Cross-chain capabilities are already possible and many blockchains have these features and many projects have started adopting these features.
Mostly this works with NFTs that are collectibles. It can be bought on one particular chain and held there as a collectible. People who see a demand for that NFT would even trade it over there. If there is a demand for the same NFT on some other chain, it can be moved from one chain to another chain and used there.
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Posted Using InLeo Alpha
