• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

2025-07-22

Salty No-Coiner Hates Bitcoin

2025-07-22

Bull Run Kickoff – Bitcoin and Crypto Set to Soar

2025-07-22

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Copy Trading in Crypto? A Beginner’s Guide

    2025-07-10

    A Step-by-Step Guide for Risk-Takers

    2025-07-09

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    2025-07-09

    How It Works and What to Watch Out For

    2025-07-09

    Crypto Risk Management Strategies for Trading (2025)

    2025-07-07
  • Videos

    Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

    2025-07-22

    Salty No-Coiner Hates Bitcoin

    2025-07-22

    Bull Run Kickoff – Bitcoin and Crypto Set to Soar

    2025-07-22

    Something BIG is About To Go Down…Got Bitcoin?

    2025-07-22

    More Proof That Crypto Altcoin Season Started

    2025-07-21
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»NFT»Casino capitalism at NFT.NYC, plus, are NFTs really dead? #hearsay
NFT

Casino capitalism at NFT.NYC, plus, are NFTs really dead? #hearsay

2024-04-07No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

From Magic Eden’s degen yacht party to Forbes’ multichain mixer, NFT.NYC offered a spectacle of excess and elitism, and then some more in another episode of #hearsay, a weekly gossip column looking into the sultry underbelly of crypto.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

Every week, crypto.news brings you #hashtag hearsay, a gossip column of scoops and stories shaping the crypto world. If you have a tip, email Dorian Batycka at [email protected]

In the wild west of cryptocurrencies, trends come and go faster than a junkie in a trap house. Just when pundits were ready to write off non-fungible tokens (NFTs) as dead, the digital collectibles born, and sometimes burned, on the blockchain may—instead—be undergoing a renaissance.

You might also like: Does crypto have a misogyny problem? #hearsay sushi, models, and Copper Technologies | Opinion

In 2023, as headlines screamed “NFT Bubble Burst” from the rafters, a split began to emerge in the NFT community—one of which saw the medium slowly beginning to separate from the message. A shift that many argued was more towards utility. The promise that blockchain once gave to digital artists—royalties ad infinitum—was soon, thanks to Blur, revealed to be a lie.

According to recent data, NFT sales in the past quarter have dipped, leading many to proclaim the demise of the digital art craze. However, a closer inspection reveals a more nuanced reality.

Take the recent edition of NFT.NYC (which ended April 5). Founded in 2018, the event exploded in 2021 on the heels of a major bull market that saw sales of NFTs reach $17.6 billion, thanks in part to the confluence of cryptocurrency prices, celebrity endorsements, and the recognition of NFTs as fine art rubber-stamped by major auction houses like Sotheby’s and Christie’s. Such events paved the way for a meteoric rise in cultural recognition and awareness of NFTs (thanks to Beeple), which again followed a massive boom/bust cycle that critics of cryptocurrency used to paint the entire industry as one giant casino.

See also  ZTX’s Genesis Homes NFTs Break Records despite Bearish Market

Indeed, in 2022, with the crash in cryptocurrency prices and turmoil in financial markets after Russia’s invasion of Ukraine, digital assets also took a big hit. Gone were the days of minting a pixelated punk or a bored ape on Ethereum and flipping it for 10 or event 100x profit, in came real world assets, big brands and e-commerce. According to the industry watchdog NonFungible report, the third quarter of 2022 saw a 77% drop in transaction volume, followed by net losses reaching $450 million from the year before.

Casino capitalism at NFT.NYC, plus, are NFTs really dead? #hearsay | Opinion - 1

NFT Quarterly Market Report Q3 2022 – Global Performance | Source: NonFungible

Yet, by the end of 2023, the NFT market appeared far from dead. Rather, more mature. At last week’s NFT.NYC co-founder Jodee Rich admitted as much, stating emphatically that “the speculative burn has passed.”

That speculative burn, it should be noted, began in earnest last year as two popular NFT trading platforms, OpenSea and Blur, began what many now see as the ‘race to the bottom’ after Blur offered a zero-fee marketplace with tools designed to also get rid of royalties for creators. In response, Yuga Labs and Magic Edgen established the Creator’s Alliance, which they argued was a way of enshrining royalty rights, only supporting marketplaces and projects that promised to honor them.

During last week’s NFT.NYC, the new digital divide could not be clearer. The hype jocks in hoodies seem to have been replaced with serious technologists, nerds, and boring talks about file storage. Over at the Museum of Moving Image, Art Blocks’ Erc Calderon gave a talk with the generative artist Tyler Hobbes held on the sidelines of NFT.NYC. At the Museum of Modern Art’s sister venue, PS1, the NFT storage platform IPFS hosted an event called “The Moment: Art, NFTs and Cultural Preservation,” which brought together representatives from FileCoin and Protocol Labs.

See also  New York MoMA now has tokenized artworks in its permanent collection

Over at the Javits Center, the official venue for NFT.NYC, the focus seemed to be less on technology or art and rather on sales, merchandising and marketing. Pudgy Penguins, the NFT collection that launched a line of dolls at Walmart last year, has since raised $10 million selling these digital-turned-physical cuddly artifacts.

What’s happening is not so much the death of NFTs but rather their rebranding. So, are NFTs dead? Far from it. Like a phoenix rising from the ashes, they’re undergoing a metamorphosis. What we’re witnessing is not the end of NFTs but rather a recalibration of the market. As investors and collectors sift through the rubble of the recent downturn, they’re discerning the gems from the crap. The froth may have subsided, but the underlying fundamentals remain strong.

Read more: NFT Price Floor co-founder predicts quality NFTs comeback despite market retreat

Capitalism Casino Dead hearsay NFT.NYC NFTs
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

IS Altcoin Season Dead ☠️ | BTC/MSTR Buy Signal???

2025-05-25

Phantom Wallet Tutorial 2025: Setup, Swaps, NFTs & Airdrop Potential!

2025-05-14

Is the 4-Year Cycle DEAD? 💀

2025-03-31

Meme coins are DEAD!!!!

2025-02-28
Add A Comment

Leave A Reply Cancel Reply

Top Posts
Videos

SEC LOSES XRP CASE | BITCOIN, SOLANA, CARDANO, POLYGON PUMPS!

2023-07-13

Today let’s talk Bitcoin, Crypto, and about the US market. The verdict is in, XRP…

Scams

Bad Actors Deployed Over 500 Scam Crypto Assets on Coinbase’s Ethereum Layer-2 Prior to Launch: Surveillance Firm

2023-08-21

A crypto surveillance firm says black hat developers have placed hundreds of malicious tokens on…

Videos

How To Mine Bitcoin At Home

2025-07-10

Get access to the full Bitcoin mining class: https://www.bitcoinuniversity.com/join … source

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Altseason Ignites: Bitcoin Inflows, ETH Flip, and Saylor’s Bold Move

2025-07-22

Salty No-Coiner Hates Bitcoin

2025-07-22

Bull Run Kickoff – Bitcoin and Crypto Set to Soar

2025-07-22

Something BIG is About To Go Down…Got Bitcoin?

2025-07-22
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 119,120.92
ethereum
Ethereum (ETH) $ 3,640.06
xrp
XRP (XRP) $ 3.22
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 781.41
solana
Solana (SOL) $ 190.74
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.244132
staked-ether
Lido Staked Ether (STETH) $ 3,627.00
cardano
Cardano (ADA) $ 0.823548
bitcoin
Bitcoin (BTC) $ 119,120.92
ethereum
Ethereum (ETH) $ 3,640.06
xrp
XRP (XRP) $ 3.22
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 781.41
solana
Solana (SOL) $ 190.74
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.244132
staked-ether
Lido Staked Ether (STETH) $ 3,627.00
cardano
Cardano (ADA) $ 0.823548