After Huge Backing From Gary Vaynerchuk & Logan Paul To Be ‘The Next Big Thing’, Have NFTs Really Become A Thing Of The Past?

NFTs are a thing of the past? Yes, that’s what Google trends are suggesting as of now. If you go to the analytical site provided by Google and search for NFT, you will find that there is a downward graph for it in the last 12 months. This is actually shocking because of the fact that NFTs were promised as the ‘Next Big Thing’ not just by crypto gurus, but millionaires like Logan Paul as well.

This has thus raised the question, is this fall of interest for NFT based on the losses of a collective group of people, or was there nothing to look for in the first place? But before reading further, keep in mind that the subject of NFT is mostly based on a collective idea of rarity rather than a market.

NFTs – A Failure of An Idea?

Not saying that NFTs are bad or anything, but the idea of selling something that was not there in the first place is a bit absurd. It’s like selling an apple pie, but only the idea of looking at it rather than actually eating it. Although, despite all this, many believe that it can actually work.

For the greater part of it, NFT or a Non-Fungible Token as an idea sounds fun at first. Although, with several drawbacks such as an unstable price value, being super expensive, and many more, YouTubers and content creators like MrBeast, Logan Paul, and KSI have tried their hands on them. But instead, it seems that they have failed to enjoy the fun any longer as with time, they had to face losses both in NFTs and Cryptocurrencies.

READ MORE: $30 Million YouTuber KSI Once Lost 99.9% of His $2.8 Million Investment Leaving Him With a Few Hundred Dollars

Although NFT is mostly about high risk = high reward kind of thing, it has to be kept in mind that NFTs were actually meant for art pieces that were really valuable in the real world. But as time passed, it became clear that many were using the concept of NFTs for their personal gains as the idea of it was mostly new to many.

But now it seems that as famous personalities take their hands off NFTs because of their losses in the market, it is seemingly also affecting the entire idea of selling NFTs as well.

Logan Paul and MrBeast used to think NFTs are the next big thing

In one of his Impaulsive podcasts from 2021 with MrBeast, Logan Paul said that he was really hooked on buying an NFT for himself after a call with NFT guru Gary Vaynerchuk. He said, “Gary called me…like a month ago he’s like ‘Logan I promise you, I know you you’re a smart kid if you play this right, I know you can like you do a Pokemon. In the NFT industry, you can make a quarter of a billion dollars.”

Notably, these NFTs included the CryptoPunk, and the Bored Ape, worth  $2.7 million, which later dropped drastically, leaving them to be only worth “$10.” This was not just with Logan Paul but with KSI as well, where he lost up to 99.9% of his crypto investment, which was almost worth $2 million.

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What do you think about the same? Let us know in the comments below.