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The Wall Street Journal Is Dead Wrong About The NFT Market’s Supposed Collapse

The NFT market is thriving, truly. Once once more, the Wall Street Journal makes a idiot of itself by tackling topics past the publication’s comprehension. The writer declares “the NFT market is collapsing,” citing suspicious numbers and two instances of unhealthy trades as proof. And then, to prime all of it off poses a horrible concept. The “NFT Sales Are Flatlining” article is embarrassing past perception.

<pre type=”text-align: heart;”>Disclaimer: The following op-ed represents the views of the writer, and should not essentially mirror the views of Bitcoinist. Bitcoinist is an advocate of artistic and monetary freedom alike.</pre>

Among different issues, it proposes the worst definition of NFTs ever written: 

“NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.”

No, NFTs are not “bitcoin-like” in any respect. And the WSJ simply forgot in regards to the “non-fungible” facet of those distinctive digital belongings. And sure, somebody purchased an NFT of Jack Dorsey’s first tweet for $2.9M, one other individual purchased a Snoop Dogg endorsed one for $32K. Both tried to public sale the digital belongings and solely obtained embarrassingly low presents. Based on these two instances, the WSJ implies that the entire NFT market is useless on the water.

https://twitter.com/srussolillo/status/1521530100491165698

The WSJ bogus numbers in regards to the NFT Market

Admittedly, the Wall Street Journal in all probability has entry to a wider array of knowledge than NewsBTC. However, the numbers they use to show the NFT market is useless are suspicious as hell. 

“The sale of nonfungible tokens, or NFTs, fell to a each day common of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, in accordance to the information web site NonFungible.  

The variety of energetic wallets within the NFT market fell 88% to about 14,000 final week from a excessive of 119,000 in November.”

Notice that they don’t hyperlink to NonFungible and supply just a few low-resolution graphs that the traditional eye can’t audit. However, everybody can go to NonFungible and see that the numbers it reveals are not even shut to those the WSJ stories. The variety of gross sales for May third is 104.465 and that represents $206B. Hardly the indicators of a useless NFT market. The variety of gross sales for April third is roughly 14K, however on May 1st the NFT market moved a whooping $778B in 117K gross sales.

That’s not it. The WSJ additionally presents these stats as if they show its case:

“The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.”

Have they even been to OpenSea? There are tons of of collections. And NFT aficionados personal dozens of items. Sometimes, tons of. Sometimes, 1000’s. And that’s only one platform that serves one blockchain. Five NFTs for each purchaser is nothing.

ETHUSD price chart for 05/04/2022 - TradingView

BTC worth chart for 05/04/2022 on Coinbase | Source: BTC/USD on TradingView.com

The Wall Street Journal’s Off The Mark Theory

This is perhaps essentially the most ridiculous a part of the article. Let’s let the writer bury himself:

“There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.”

 And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who bought out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, Moonbirds set the NFT market on fireplace and the Bored Ape’s Otherside actually broke Ethereum. We’re speaking billions of {dollars} for the “cartoonlike characters” staff. Not solely that, The Nightly Mint factors us in direction of Nansen’s numbers. 

https://twitter.com/nansen_ai/status/1521547898181210112

They clearly present that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.”

So, what sport is the Wall Street Journal enjoying? Is this a case of poor analysis or proof of malicious intent? That’s for you to determine, pricey reader.

Featured Image by Philip Strong on Unsplash  | Charts by TradingView


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