Back to the list

The Drop CEO Thinks NFTs are Getting Washed Up In This Crypto Bloodbath

www.thecoinrepublic.com 19 May 2022 14:30, UTC
Reading time: ~2 m

  • Gannon Breslin, CEO and Founder of The Drop joined Yahoo Finance in an interview to debate regarding NFTs, crypto market havoc and more.
  • The Drop founder does not believe that the numbers look very good currently anywhere, and several markets are down over previous few months.
  • Currently, the cryptocurrency market has a total market capitalization of $1.23 Trillion, with Bitcoin dominating the market.

Numbers Looking Bad

When asked that numbers in the crypto sphere are not very good now, Breslin Gannon totally agreed with that. The majority of market is witnessing a bearish trend, NASDAQ plunged by 30% during previous 6 months, and S&P plunged by 14% over previous 6 months, interest rates are spiking.

What the folks are witnessing in this sector currently with NFTs is all of these minor projects, ones that do not have a very robust roadmap.

There is still some good news. There’s still half of this month remaining, and there’s still the same volume as there was during November previous year.

When asked about the current liquidity in the market, Gannon Breslin stated that there is a minor bathtub effect taking place here. When big project mints, other big projects fall in floor value as they are attempting to become liquid to be able to acquire the latest thing on the block.

So the bathtub effect is real. But again, it is not that bad, as a few of these floors are still standing tall.

When asked, when he debates regarding NFTs as a whole, where is the value, he stated that right now, we are witnessing values in several forms. Spotify just made an announcement that they are testing NFTs on their platform, and currently, selected users are able to witness this feature if they check out the profiles of Wombats and Steve Aoki.

Mark Zuckerberg also made an announcement that Facebook and Instagram are going to have NFT features soon, but it is not clear if users will be able to mint NFTs there or not.

NFT really is a booming space, with big guns entering the space embracingly. Eminem, Madonna, Snoop Dogg, Avenged Sevenfold, to name a few, are among the artists who have made a foray in the sphere.

For the complete interview, folks can visit the official Yahoo Finance website.

Back to the list