The Rise and Fall of NFTs: What Happened?

[Midexmth]

I'm still trying to wrap my head around the NFT market's dramatic decline. Despite its initial frenzy, many investors and whales have jumped ship, leaving me wondering what went wrong.

 

Interestingly, successful coin-based projects like Decentraland (Mana), The Sandbox (Sand), and Axie Infinity (AXS) all originated as NFTs before transitioning to coin-based models. This raises questions about the viability of NFTs as a long-term investment strategy.

 

Personally, I've experienced this shift firsthand. An NFT project I invested in months ago, Bong Bears, has rebranded as $Berachain and launched as a coin-based project on Binance. According to their whitepaper, $Berachain boasts a high-performance EVM-Identical Layer 1 blockchain utilizing Proof-of-Liquidity (PoL).

It also features native dApps like BeraSwap, which serve as reference implementations for developers. These dApps demonstrate the platform's capabilities and provide essential services within the ecosystem.

As $Berachain gains traction, with listings on Bitget and potentially other exchanges like Kucoin, I'm curious about the possibilities for existing NFT holders like myself. Can we convert our NFTs to the new coin-based system? The answer to this question could have significant implications for the future of NFTs and coin-based projects.

https://www.bitget.com/spot/BERAUSDT