NFTs out of fashion? Stables defies the odds!

As the bear market continues, NFTs continue to make the news... but for all the wrong reasons! Ironically titled "already out of fashion" or even "already dead", articles in the mainstream media don't mince their words about this trend. But what's really going on? Let's find out through the prism of Stables, which seems to defy the statistics!

The NFT hype has died down

While NFTs were exceptionally popular between 2020 and 2021, making headlines in both specialist and traditional media, the trend has logically run out of steam in recent months.

Indeed, this is mainly due to the bear market period that the cryptocurrency market has been experiencing since November 2021. Nevertheless, some media outlets are rubbing their hands at the idea of being able to bash this new, misunderstood technology, calling it "out of fashion" or even "dead and buried".

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Although the bad faith is obvious, it's true that the statistics don't help defend the NFT market.

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For a start, general interest is at an all-time low. Search intent on Google for the keyword NFT has plummeted 95% from its peak in January 2022.

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Secondly, volumes are also plummeting. At present, they stand at around 60 million per week. As a reminder, the ultimate peak in volume is $3.2 billion in a single week, and the average over the period August 2021 to May 2022 is around $1 billion per week. The decline is therefore estimated at 93% compared with this average.

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Finally, the number of NFT mints taking place daily on the Ethereum blockchain, having reached as high as 400,000, has dropped to around 3,000. No need to go much further, you've seen it for yourself Racers, the NFTs hype has died down.

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📎 We're talking tech, if you're lost, find our full Tezos blockchain factsheet

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Are NFTs dead?

So an obvious question arises: does this mean that NFTs are dead? The answer is, of course, no!

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What we need to understand is that when non-fungible token technology emerged, the first projects to emerge were the simplest and quickest to create. As a result, the market was flooded with collectibles, those famous collections of several thousand units with varying attributes and rarity.

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At the same time, projects proposing real use cases began to be built, but this takes more time. While a simple collection can be created in a few hours, it takes a lot more work to build a real Fantasy Game like Stables.

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So no, NFTs aren't dead. Nevertheless, the market has purged itself of the least promising and useful projects to focus on projects with real added value!

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📎 To find out more: Web3 is a revolution, find out why?

Stables defies the odds

On that subject, let's talk a little about Stables. If the data on the NFT market isn't very exciting, what about your favorite Fantasy Game? Hold on to your hats, our statistics are much better, dear Racers!

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First of all, Stables' 6666 digital racehorse NFTs sold out on March 27, at a unit price of 99 euros, or 93 tez. A remarkable performance at a time when the market was in the midst of a bear market.

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The first inaugural race saw the participation of 5556 horses, or 1476 players. That's 83% of the entire collection!

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Although the second and third races saw a slight drop in participation, it remained at high levels, with 77% and 73% of players respectively. Moreover, these figures were achieved during the summer, a period of low activity.

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In conclusion, it's worth remembering that despite the bear market and declining interest in NFTs over the past few months, Stables is meeting its objectives and continues to get the Racers community on board!

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📎 Want to get started? Here's how to buy a Stables NFT on the secondary market?