The NFT Market Isn't Dead Yet

There is a widespread belief that the hype around popular NFTs (non-fungible tokens) will fade in 2023, but in reality, that is not the case.

Let's recall the explosion of interest in internet startups that occurred during the period from 1990 to 2000 (the Dotcom bubble). The internet was born, and today's market is going through something similar. The hype around NFTs may temporarily diminish, but they are not going anywhere and will continue to play an important role, such as valuable art objects or essential components in the gaming industry, gambling, proof of ownership, etc.

As you can see in the image below, the dot-com market precisely mirrors the NFT market:

One of the main advantages of NFTs is their use as valuable art objects. They allow artists to sell their works directly to buyers, providing them with the opportunity to obtain an official digital copy of a unique and valuable artistic creation. Such NFTs can command significant sums and contribute to the development of the digital art market.

Moreover, NFTs have firmly established themselves in the entertainment industry, especially in the iGaming sector. They can be used as unique virtual items, allowing users to own exclusive in-game objects or characters, earn rewards points, and more, while ensuring secure transaction execution through smart contracts. This creates opportunities for the development of gaming ecosystems and additional revenue streams for game developers.

While the surge of interest in NFTs may temporarily subside in the future due to volatility, these digital assets will continue to thrive and be utilized in various sectors, including art and entertainment. Currently, we are only witnessing the beginning of their evolution, and undoubtedly, we can expect to see more new opportunities and innovations based on this technology in the future.

Current situation on the NFT Market

After a period of decline and unimpressive performance in September, NFT sales rebounded last month. At the same time, DappRadar wrote that NFT trading volume increased by 32% from $306 million in September to $405 million last month. The company described this as sales levels not seen since August. Most of the sales are made on Ethereum and BSC-based NFT contracts.

Overall, the industry is feeling relatively good, considering the sales volume (which has been increasing since the beginning of the year) and the overall decline, as it is recovering again.

Recently, Punk #7458 was sold for 600 ETH ($1.136 million). This is one of the 88 Zombie Punks. The owner held it for 3.5 years, having bought it in May 2020 for 56 ETH ($11,686). Thus, the seller became a millionaire in dollars through a single transaction. 🤑

Although the 18% sales growth indicates progress, maintaining this trend over the next few weeks with consistent growth is necessary to offset the recent decline.

What NFT activities can bring profit now?

I divide this method into two parts:

• Free (you can spend a lot of effort, time, and nerves and end up getting nothing);
• Partly free (you will need to put in a little effort and money, but in the end, you can get a much more profit).

Ready to know? Let's go!

The following projects currently offer NFT activity:

Scroll - L2 blockchain for Ethereum

Projects most like to reward users who joined them at the earliest stages. For example, Arbitrum issued 1875 additional ARB tokens to users who interacted with their network for 9 months. And this is 3 times more than the basic reward for AirDrop.

L-2 Scroll just launched its main network less than a month ago and they recently launched an NFT collection for early adopters.

Scroll Origins NFTs are unusual NFTs, and Soulbound tokens that will be tightly tied to the wallet. They cannot be bought or sold. And you can only receive them until December 10th.

We can say that they will be a kind of identifier that you are the earliest user of the network and get a potential chance to get an Airdrop.

Blast

"Blast" is a new Layer 2 (L2) protocol developed by Blur, Paradigm, and Andrew Kang. The main feature of this network is the built-in yield on assets.

How does it work currently?

When funds are transferred to Arbitrum/Optimism or any other L2, the assets settle in the bridge smart contract. For example, the Arbitrum bridge address holds $2.5 billion in ETH, with a yield of around 4% in Lido. This translates to $100 million in missed yield annually.

What does Blast offer?

The integrated yield on assets. The funds that enter the network are instantly sent to low-risk yield-generating protocols.

• ETH into Lido.
• Stablecoins are converted to DAI and sent to Maker.

Use the network and simultaneously participate in a yield-generating protocol. Brilliant yet simple.

The Blur and Paradigm teams are adept at gamifying the onboarding process for new users. With well-thought-out mechanics, Blur has captured a large portion of the NFT market and distributed one of the largest drops.

A drop will also occur in Blast. Users can already make a deposit with a lockup before the mainnet launch in February.

Over 23,000 users have depositedover $81 million in a day. At this rate, Blast, like Blur, will eat into the market share of major L2 players. The growth in Total Value Locked (TVL) will attract significant protocols and developer teams to the network. Against this backdrop, we wouldn't be surprised at another investment round for Blast before the token release in May 2024.

Heart of Gold NFT

For those who do not believe in the special success of Airdrop, I suggest considering the Heart of Gold project on the Binance Smart Chain network in which, thanks to the Deus Ex Machine cashback system, you can get 100x of the original amount.

The mechanics of HoG NFT are simple:

There are 10,000 unique NFTs, each embedded with the mechanism - "The rarer your NFT, the more Deus ex Machina will pay you." In total, this can result in up to a 100-fold increase in profit when resold to Deus ex Machina. Users on the whitelist have priority access, after which the opportunity opens to all community members.

Alternatively, holders can sell on the secondary market or trade among themselves.

The project has been launched and is already in the Whitelist launch stage.

Why did I introduce this project? It seemed very strange to me that Elon Musk actively mentioned Deus Ex Machine on his page more than 8 times. Perhaps the creators of the project know something that we don’t know.

Conclusion

As we can see, the NFT market is rapidly recovering, which means that there are many new discoveries and applications of this technology awaiting us in everyday life. In this article, I have provided a couple of examples of how to make money with NFTs. And there are quite a few such opportunities.

How do you see the NFT future? Write in the comments!