The NFT market is experiencing its lowest sales volumes in recent years. Sales have also decreased in popular ecosystems. However, experts are hopeful that a peak may occur again in the near future.

While NFT sales volume is going through a difficult period in the second quarter of 2024, Web3 professionals believe that this asset class will peak again as it has in the past. In June, CryptoSlam data revealed that sales volume of digital collectibles fell 45% compared to the first quarter of 2024.

What's Happening in the NFT Market?

In the fourth quarter of 2023, Solana-based collections and Bitcoin Ordinals were unable to maintain the previous momentum. Despite the decline in volumes, the Web3 community remains hopeful for the resurgence of the asset class. Mohsin Waqar, CEO of Web3 gaming platform Senet, expressed his belief that NFTs could rise again as the industry achieves greater technology integration. Waqar emphasized that if the technology becomes user-friendly, there will be a revival of interest. “Yes, I believe interest in NFTs may peak again as technology and applications improve. “The initial phase of excitement was driven by curiosity and speculation, but the next peak will be driven by real utility and mainstream adoption,” he said.

Anoir Houmou, CEO of Sui-backed video engagement platform RECRD, argues that NFTs are currently reaching a healthy adoption rate. Houmou stated that NFTs have specific areas of use, especially gaming. “Increasing collaborations and endorsements with brands can significantly increase the visibility and credibility of NFTs, thereby attracting a broader audience and creating a more transparent environment for valuation and trading,” he said.

Jonathan Perkins, co-founder of NFT marketplace SuperRare, compared the NFT space to the early days of the internet. However, he stated that nowadays the internet has become very integrated and people no longer use their phones without thinking about the internet. Perkins believes that NFTs may experience a similar development in the future: “NFTs are an extremely strong token standard and there are no fundamental changes in the value of these standards. “I believe we will see NFTs represent trillions of dollars in value over the next decade.”

On the other hand, Dave Catudal, co-founder of Lyvely, thinks that considering NFTs as collectibles may encounter resistance over time. Catudal stated that this asset class must demonstrate its value in order to be taken seriously by a broader user base.

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