NFT Crypto News 2023

As an investor, it’s safe to say that the last couple of years have hardly been fruitful in terms of market performance. 2022 saw one of the worst years in terms of positive returns, and 2023 hasn’t been a whole lot better.

With the NASDAQ and tech stocks in particular taking a real hammering in 2022, we saw more and more people explore the possibility of crypto investing in the form of NFTs.

While cryptocurrency investing is hardly new, ever since we saw Bitcoin drop by more than 65% of its market value in 2022, we’ve seen a rise in NFT investing instead. As so-called "meme stocks" seem to have cooled down somewhat, and as Bitcoin and other popular cryptocurrencies such as Ethereum, are well below their peak values from a few years ago, are NFTs the future of crypto investing? Here’s is a quick guide on nft crypto news investing, as well the last NFT crypto news.

What are NFTs?

NFTs, or Non-Fungible Tokens are digital assets and identifiers that are fully unique and are recorded on a blockchain, just like other forms of crypto.

Each NFT is assigned a unique metadate, as well as an identification code to set it apart and distinguish it from other NFTs. NFTs are used to certify both ownership and authenticity. They cannot be replicated, subdivided, or substituted.

You can trade and exchange an NFT for other crypto, money, or even other NFTs.
The value is determined by the market, and indeed, how much value the owners have assigned to them.
NFTs are a bit like art in this instance, in that somebody may use an exchange to create a token for an image of a potato.
To somebody, that image may be worth $1 Million, yet to others it may be viewed as entirely worthless.

What really sets an NFT apart from a cryptocurrency such as Bitcoin for example, is the fact that even though cryptocurrencies are also tokens, two cryptos found on the same blockchain are fungible, in the sense that they are interchangeable. You can see more of what is NFT in our guides section. As the name implies, NFTs are non-fungible. Sure, two NFTs located on the same blockchain may look identical, but they are non-fungible, meaning they are not interchangeable.

NFT Crypto News

 Now that you hopefully have a better understanding about what NFTs are, let’s look at what’s happening in the world of NFT investing, as of August 2023.

Gamestop NFT Wallet to Shutdown in November

 After just one year, Gamestop is pulling the plug on their crypto locker, meaning that after November 1^st, Gamestop Wallet will cease to be.

Because of "regulatory uncertainty in the world of crypto space" the company that kick-started the meme stock revolution has decided that their NFT wallet is not viable. As a result, Gamestop recommends that customers have their Secret Passphrase ready to retrieve their NFTs by the 1^st of October.

NFT Sales Drop in July 

For those of you looking to ‘buy the dip’ and get your favourite NFTs at a discount, now may be the perfect time to do so. July saw, shall we say, a rough time for NFTs, with sales down considerably in July 2023. In July, total NFT sales were valued at $495.6 Million. This is down 23% from June, where sale values totalled $646.1 Million.

While these figures still seem high, it is the fifth consecutive month in 2023 where NFT sales have dropped from the $1.2 Billion highs we saw in February. July was particularly rough in the NFT space, as it recorded the lowest number of NFT sales since April 2021, shortly before the NFT boom started in July of 2021.

Does this mean NFTs have had their day? Absolutely not. What it does mean is that more people are investing in NFTs as the NFT space becomes more accessible to general investors who may wish to begin low, rather than spending a lot on NFTs crypto from the get-go.

Only Two NFTs Sell for Over $1 Million in July

 Gone are the days where NFTs selling for $1 Million is viewed as an everyday occurrence. For now, at least.  July 2023 saw just two NFTs sell for over $1 Million. One was a ‘Cryptopunk’ NFT, and the other was a ‘Bored Ape Yacht Club’ NFT.  While NFT sales are certainly declining, this does mean there are new opportunities for growth, and a greater potential for another boom period.  One thing that is for certain, however, is that the NFT market is seeing its biggest test since the boom of 2021.