The Covid Craze and the NFT Marketplace

The Covid Craze and the NFT Marketplace

Why The Current NFT Marketplace Crash is Relevant But Not Ruinous

It is relevant to note that the NFT is currently undergoing some radical adjustments in value and purpose. It is for this reason that Adpost is announcing two major adjustments in their business model. Adpost currently has the Beta version of the Adpost NFT Marketplace functional and is introducing an ongoing NFT Artwork competition as they transition into a more interactive Web 3.0 user experience.

The question must then be raised about why any company would pursue a market that is so obviously crashing? What is the truth about the current crash in the NFT Marketplace? What caused the crash? Is this a major blow to the Digital Economy and the “New Normal”? Will the current digital crisis result in the death of the NFT?

The Truth About the Current NFT Crash

It would be difficult to describe the current events as anything other than a complete crash of the NFT Marketplace. The current sales on the largest NFT Marketplace in the world are down by 99% according to Fortune Magazine, and NFT sales have gone from 12 billion US dollars in January down to just over one billion USD in July. The August numbers were not available at the time of this writing.

Ethereum is also seeing a drastic drop in value, alongside Bitcoin which is experiencing a similar drop. When compared with the value of these coins from November of 2021, the scenario neatly fits all of the criteria and seems to be a full crash of the digital economic system.

A Closer Inspection of The Digital History

A revealing pattern emerges when all of the different factors, including many outlying elements that may not seem relevant to the casual observer. What does a global medical pandemic have to do with the digital markets? Is it possible that this fact, in addition to a healthy dose of human nature may have created a bubble that would inevitably burst?

According to reports by the Financial Times, NFT sales peaked in November of 2021. This coincides almost exactly with the peak value of many digital currencies including both Bitcoin and Ethereum. This was interestingly enough, in the middle of the global pandemic and the ensuing restrictions and restrictions.

Human Nature And The Cabin Fever Craze

Correlation is not causation, as is known to be true. There is, however, merit in considering all of the potential factors, and how they may or may not have impacted the digital markets. The phrase “Cabin Fever” may be of an obscure source, but it was first used in print by a female author in 1918. Cabin Fever reflects the human condition resulting from being isolated and incapable of leaving a small, contained space.

This human condition may also be referred to by some as going “stir crazy”. No matter what it is called, the very real psychological symptoms have been historically exhibited themselves within weeks, or sometimes months of confinement. By November, much of the human population had participated in the “greatest confinement in history” according to a book entitled “Cabin Fever”.

The book was written by Paul Crawford, a Professor of Health Humanities from the University of Nottingham, and Jamie Orion Crawford, a data analyst and researcher. Work by the renowned Edward Bernays also indicate the fallibility of the human psyche and the ability of humans to be manipulated, especially during times of mental duress.

This should not be interpreted as meaning there was some mass psychosis that led to the NFT craze. History has shown however, that people do have a propensity for following fads and trends, especially during times of a verifiable psychological crisis. This very real phenomenon can be demonstrated in everything from viral content online to the success of the Pet Rock.

The NFT And The Digital Economy

Regardless of the cause, the NFT marketplace seems to have peaked long ago. Thus, it would seem that a comeback, while possible, may not be as likely as some may have us believe. An easy assumption would be to presume that the NFT markets are dead and to leave it at that.

Life however, is never so easy. This is especially true during times of a great upheaval such as that which is currently underway. As people, corporations, and even governments are merging into the “Digital Economy” alongside the technological revolution, the NFT looks to become increasingly important in how people live, work, and even play and socialize online.

There are people alive today who were around when “computers” were still people who performed complex mathematics for agencies like NASA. In a matter of three or four generations the world has been radically transformed. Children today live in a realm where it is not uncommon to have everything from computers, tablets, and phones, all connected to the internet of things.

The technological revolution has vastly expanded the digital economy and the NFT plays an irreplaceable role within that system. Everyone from children getting paid to play video games, to online influencers, to corporations and even governments already benefit from the Digital Economy according to the World Economic Forum.

How can such a vast resource as the global digital economy be accurately and completely recorded in a safe and secure way? The answer for both people and organizational structures in the digital age is the Non-Fungible Token. While the NFT has largely been relegated to the role of a novelty item in public, behind the scenes it has enjoyed great progress.

What is The New Role of The NFT

The Non-Fungible Token or NFT made its first appearance in May of 2014. Oddly enough perhaps, the Digital World seems to reflect the “real world” in some instances.

The first electric vehicles were created long before the day of the combustion engine. A sixteen foot truck was built, powered by electric motors in Scotland in 1837. Only now that vehicles have been around for a very long time, is the importance of the original technologies coming to light. No pun intended.

Eight years does not seem like a long time to most adults at least. In technological terms 8 years is an exceedingly long period of time during which innovation and technology will grow exponentially. Yet only now is the real potential of the NFT beginning to be seen in more practical applications.

The NFT is increasingly becoming an important part of E-Commerce as a means to verify the authenticity of products, and to provide a permanent digital record of every transaction. An increasingly large number of artists, including musical artists, singers, writers, and others in addition to the digital artists, are using the NFT to reduce fraud and the blatant theft of their products.

Furthermore, the NFT is undergoing something of a transition it would seem. A company by the name of Binance has introduced what is being called a Soul Bound Token or an SBT. The SBT is similar in nature to the NFT. It is non-fungible meaning that it cannot be replaced, but neither can the SBT be transferred.

Why People Need to Learn About The NFT and Digital Realm or Metaverse

The SBT is bound to a single item in much the same way as a soul is bound to a single body. This makes it an ideal, safe, and secure means to store personal and corporate data. A university degree can now be accredited to a single individual, with no capacity to transfer ownership to others who have not earned their own degree.

Corporate records can now be safely and permanently stored and remain within the control of the corporation. Medical records can easily be stored and verified with a minimal risk of any loss to or corruption of the very personal data. The ability to store, exchange, and secure personal and private data virtually ensures the NFT and the SBT will play a vital role in the Metaverse.

Gravel and rocks never went away after the Pet Rock fad of the seventies. Neither will the NFT disappear after the initial response has died down to any measurable degree. It is for this reason that Adpost has sponsored the “Me In The Metaverse” Art Contest, to introduce people to the NFT, and to ensure everyone has the capacity to understand how they are created.

The Purpose Of The Adpost NFT Marketplace

According to some estimates, nearly one-half of the population lacks internet access. Many more who have access to the Internet remain woefully unaware of how to utilize the resources at their disposal. Adpost has partnered with other sites across various verticals, such as babies and parenting and online learning, in order to ensure a constant flow of information to be made available, even to the most casual internet user.

The ability to use Artwork for generating a new NFT may soon become cliché or even passe. It remains an important step in learning how to survive the technological revolution and to thrive in the digital economy. It is the hope of Adpost and their partners that they may work together to assist the indigent and other marginalized populations, while at the same time, allowing them a more complete, interactive experience within the Metaverse.