'VC funding in the space has evaporated. Young smart builders want to move on but feel trapped.'
Illustrating the decline, a highly-anticipated anime-themed NFT collection called Ether seriously fumbled its launch earlier this month.last week. "Only 5 NFTs sold on [OpenSea] in the past 20 min."
At the time of writing, the floor price for the NFTs was 0.42 Ether, or roughly $1,897.30, a far cry from the"Why should you as the retail customer pay $1,200 USD to the ether team for this NFT?" another collector. "Now that liquidity is tight retail consumers are finally questioning the value proposition new NFT companies are offering."
In other words, Ether was taking a page out of the summer 2022 rulebook, a time full of hot new projects that saw major success by copying those who came before them, asBut that kind of approach simply isn't working anymore. After all, apart from being able to claim you're the exclusive owner, NFTs don't really have any inherent value.CryptoSlam
, global sales volumes are hitting multi-year lows, despite tens of thousands of buyers and sellers still active in the space. Roham Gharegozlou, the CEO of Dapper Labs, a blockchain games company, announced last week that the company laid off 51 staff, theThe value of Bored Ape NFTs, once seen as prized multi-million-dollar possessions that
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