Are NFTs Dead?

The answer is probably yes….for now.

During the NFT rush near the end of 2021, millionaires were made and fools were discovered. The jump from web2 to web3 was just beginning to start and even we at Blushark Media were beginning on our journey. Everyone was waking up with the promise of a new life and their hope hanging right at their fingertips thanks to some digital images and promises made by those who understood how to code on the blockchain.

NFTs were here and according to the developers, social media managers, and community managers they were here to stay and change things for the better. There were news reports, social media blitzes, and tons of celebrities involved, and those that created these “digital collectibles” ended up becoming millionaires overnight.

Selling “collections” of 10,000 images at $200–300 a pop or even more ended up netting creators multimillion-dollar paydays while taking money from people who were foolish enough to “believe in the hype.” So many promises were made and so many people would see false growth and think they had an opportunity to get rich as well. This was all until things like “wash-trading” and “rug-pulls” came into play.

Trickery such as wash trading was especially devious as the people within the community were purchasing the NFT, selling it at a higher price, and recycling those actions to…