To the above comment, we don’t actually know people are buying and selling these. It is also entirely possible these transactions are fraudulent (i.e. buy your own stuff to give an impression of demand).
I mean, I'm sure I will be dismissed since it's just my word and nothing else. But yes, people are buying and selling these, just not at the insane volumes as peak mania 2 years ago.
It's easy to dismiss these sales as wash trades, and I'm sure at least some of them are, but most of them are not. The NFT space has dwindled down largely to a a group of enthusiasts that like gamifying NFT mechanics, generative artists and generative collectors (no I'm not talking about monkey pics), as well as some people who managed to make a bunch of money during the bull market and not lose it all and they continue to refine their holdings expecting a future crypto bull market.
Institutions like the big auction houses and a few galleries still facilitate NFT sales as a few NFT artists and generative artists have been able to successfully bridge into the art world.
I agree though that on a long enough time line, 99% of NFTs will absolutely become worthless if they aren't already. This is true of many types of collectibles. Ultimately this is a good thing, but I'm certain that there will be a community of dedicated creators and collectors that remain as long as the government doesn't squash crypto completely.
It's easy to dismiss these sales as wash trades, and I'm sure at least some of them are, but most of them are not. The NFT space has dwindled down largely to a a group of enthusiasts that like gamifying NFT mechanics, generative artists and generative collectors (no I'm not talking about monkey pics), as well as some people who managed to make a bunch of money during the bull market and not lose it all and they continue to refine their holdings expecting a future crypto bull market.
Institutions like the big auction houses and a few galleries still facilitate NFT sales as a few NFT artists and generative artists have been able to successfully bridge into the art world.
I agree though that on a long enough time line, 99% of NFTs will absolutely become worthless if they aren't already. This is true of many types of collectibles. Ultimately this is a good thing, but I'm certain that there will be a community of dedicated creators and collectors that remain as long as the government doesn't squash crypto completely.