Navigating the NFT market dip: a shift towards utility
Amidst the market dip, NFT projects might seek creative avenues to redefine their purpose and enhance utility. Non-fungible tokens, or NFTs, have been the subject of heated debate in the last few years. They serve as digital certificates for artwork, collectibles, and virtual game accessories. They are usually bought and sold online, often using cryptocurrency, and are typically embedded within smart contracts on blockchain platforms. In 2021, NFTs witnessed a massive surge in public interest, leading to unprecedented sales. However, the sector has recently hit a rough patch, marked by an overall drop in sales and item prices, causing critics to question its long-term viability. Current NFT market scenario In the first week of July, OpenSea data revealed a significant drop in the floor price of one of the most popular digital collections, Yuga Labs’ Bored Ape Yacht Club (BAYC). The collection went from 38 Ether (ETH), then equivalent to $73,000, down to less than 28 ETH ($53,500)...