Is NFTs Dead?

In 2020, we witnessed the emergence of NFTs, which were sold for millions. These NFTs consisted of pictures that were visually similar to each other, with only variations in colors or clothing. We can attribute this phenomenon to the Greater Fool theory. However, the question remains: Is this technology here to stay, evolving and adapting, or will it eventually fade away?

While the initial hype around NFTs may have died down, it is too early to declare them as dead. NFTs have the potential to revolutionize various industries, such as art, gaming, and collectibles, by providing a way to prove ownership and authenticity in the digital realm. As with any emerging technology, there will be challenges and adjustments along the way, but it is likely that NFTs will continue to evolve and find their place in the digital economy.

The greater hype cycle explains that in the future, we won't see the integrations of NFTs as just bored monkeys getting bored quickly, but rather as a means of digital copyright, digital ownership, and other types of integration.

Gartner Hype Cycle

Everydays: the First 5000 Days

Greater Fool Theory

NFTs died a slow, painful death in 2023 as most are now worthless