According to Web3 officials, the recent decrease in nonfungible token (NFT) values is not a sign that the system is in trouble, but rather that it is maturing. Yemel Jardi, executive director of the Decentraland Foundation, made these remarks in reaction to a research released in September by dappGambl, which examined over 73,000 NFT collections and discovered that up to 95% of the NFTs examined had little value. Jardi stressed that the utility of NFTs should be linked to their value and blamed speculative trading for the declining NFT floor prices.
NFTs are here to stay, according to Anjali Young, co-founder of the tokenized community management platform Collab.Land, and will be used more frequently in the coming months for advertising, awards, loyalty schemes, and authenticity checks. Governments and institutions will probably use NFTs for a variety of use cases in the future, and the entertainment business is another major market that the NFT industry should be able to dominate. Currently, the NFT market capitalization is $5 billion, according to information from Forbes Digital Assets.