Top 10 Biggest NFL Fails and Future Of NFT Market
Why nft Fail?
In the last few years, Non-Fungible Tokens (NFTs) have become very popular, especially in the areas of gaming and art. They promised to change the way we own things digitally. But in 2023, the NFT market faced many problems and failures.
Among them were big celebrity-backed projects, followed by legal problems and fraud.
In 2023, the NFTs took an embarrassing plunge.
We are seeing that only the most experienced NFT art creation services remain, which is creating inequality in the market.
Let’s explore the top 10 biggest NFT fails and discuss the reasons for failure, as well as the future of the NFT market.
Top 10 Biggest NFT Fails
1. BollyCoin
Indian film superstar Salman Khan has supported BollyCoin, an NFT marketplace created by actor and director Atul Agnihotri. BollyCoin offered memorable items related to the massive Indian film industry – Bollywood – for auction.
Despite a promising start, the price of BollyCoin dropped by almost 93%, and by the end of the year, there were almost no orders on the NFT platform.
2. Comedy Monsters Club
Venezuelan standup comedian Bobby Cardoso has announced the upcoming launch of Comedy Monsters Club, a private club with online and offline privileges that requires the purchase of an NFT to join. Despite early interest, the project sold about 10% of its entire collection before it went out of business.
The founders raised more than $1.5 million from club members before going into the dark on Discord and Twitter.
The high cost of making and selling NFTs has led to worries about how accessible they are. While some well-known artists and musicians have made money from NFTs, it’s much harder for new artists and musicians to get into the NFT market.
The cost of making and selling NFTs is too high for most indie artists, which has led to a small group of artists and collectors having most of the power and influence.
3. Captain Tsubasa
Tsubasa Co., the Japanese company behind Captain Tsubasa, sued a Singaporean company called Football Metaverse for selling NFTs of its characters without approval.
The unauthorized Captain Tsubasa NFTs were removed, leading to legal challenges and highlighting the problem of NFTs and copyright violation.
NFTs often contain copyrighted material, like music or artwork. While you can make an NFT of your own work, many people made NFTs of copyrighted material they didn’t own. This has already happened in some other cases where artists have said that their work was used without their permission to make NFTs.
4. ‘Friendship Ended With Mudasir’ Meme NFT
Muhammad Asif Raza Rana, a Pakistani government worker, accidentally created a meme in 2015 which he sold as an NFT for more than $52,000. However, the meme has now lost more than 96% of its worth.
The early excitement around NFTs was mostly due to speculation and hype, not any real value. This led to the NFT market crashing, leaving many artists and buyers with assets that are worthless. While some NFTs have sold for millions of dollars, this only happened for the big players and only at the start.
5. Simibebés NFT
Despite the popularity of Dr. Simi, the mascot of Latin America’s largest drugstore chain, the company’s launch of an NFT series of Dr. Simi was a failure.
Of the 7,864 NFTs available, only 22 were sold by mid-December.
6. Dekotora NFT
Despite the stunning artwork, and the promise to raise money for disaster relief, only one of the 38 Dekotora NFTs has been sold by the year’s end. The rest, worth 0.5 ether (about $600) each, have no bidders.
“DEKOTORA” is a very specific culture to Japan. These trucks have large bodies that are decorated with lights, chrome-plated decorative parts, traditional artwork, and other bright exterior decorations.
7. Metapurse’s B.20 token
The auction of the “Everydays: The First 5000 Days” NFT by the digital artist Beeple for $69 million in March 2021 launched the NFT craze into the mainstream. However, Metapurse’s B.20 token, which traded at about $29 right after the Beeple acquisition, now trades at $0.09.
8. Decentraland’s MANA token
Decentraland, a metaverse founded by Argentine software engineers in 2017, saw a fall of over 94.2% from peak value of $5.1, within 390 days.
9. Ape Kids Football Club
A Chelsea F.C. coach created a collection called Ape Kids Football Club (AKFC) that traded above $650 after its launch in February. By mid-year, AKFC’s price had plunged 90% in value; it traded at about $118 in mid-December.
10. OpenSea
OpenSea, a popular NFT marketplace, held 90% of the market share in NFT transactions by volume in February. However, after a phishing scam and a breach of information, users started trying out other marketplaces.
OpenSea now has about 66% market share.
Future Of the NFT Market
Despite these failures, the NFT market is still evolving. The future of the NFT market will likely involve more regulation and verification to prevent fraud and scams. There will also be a need for more sustainable practices to address environmental concerns. The market will need to become more accessible to a wider range of artists and creators. Finally, there will need to be better mechanisms in place to handle copyright infringement.
In conclusion, while the NFT market has experienced significant failures, it is still a developing market with potential for growth and improvement. As the market matures, it will be interesting to see how these issues are addressed and what the future holds for NFTs.