Analysis Daily TheBitTimes.com

Decentraland Foundation executive director Yemel Jardis believes as people become more educated about NFTs, the focus will shift from speculative trading to genuine utility. A steep collapse in the price of nonfungible tokens (NFTs) shouldn’t be seen as a sign of distress but rather a signal the technology is maturing, according to Web3 executives. “I wouldn’t say the NFT market has regressed,“ Decentraland Foundation executive director Yemel Jardi told Cointelegraph. “Rather, it’s maturing ." Jardi’s comments come after a September report from dappGambl that analyzed over 73,000 NFT collections and concluded that as much as 95% of the NFTs studied had no value, as prices, sales volume and transactions have slid over the past year. Jardi stressed that markets are cyclic and it is natural for there to be periods of adjustment. He attributed sliding NFT floor prices partly to “speculative trading” and said the value of NFTs should instead be anchored to their utility. “As people b...

A lack of network activity and ground lost to competitors could eventually play a role in ETH losing the $1,600 support. Ether (ETH) price surged by 31.3% from March 10 to March 18, coinciding with the U.S. Federal Reserve's injection of $300 billion to address the insolvency of Silicon Valley Bank.. Since then, Ether’s price consistently maintained a daily closing price above $1,600.  However, investors are now casting doubt on Ether's ability to sustain this support level, given the prevailing bearish sentiment in the cryptocurrency space and declining metrics on the Ethereum network. Over the past six months, the cryptocurrency sector has been plagued by negative developments. Notably, the Digital Currency Group (DCG), the owner of Grayscale mutual fund manager, has faced financial troubles. Concerns are mounting that a portion of the $4.8 billion worth of ETH deposits held in the Grayscale Ethereum Trust could be liquidated to address DCG's debts. Furthermore, two majo...