Ex-Bitcoin Core Developer Says NFT Market Is Pleasantly Down to Earth Again

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The hype behind the popularity of non-fungible tokens (NFTs) may have finally settled down, said Jeff Garzik, a former Bitcoin lead developer and co-founder of software development firm Bloq.

I call the [NFT] pleasantly down to earth market, Garzik, who is also the founder of web3 entertainment company NextCypher Productions, told CoinDesk TVs First Mover on Tuesday.

While still a far cry from last year’s volumes, things have picked up speed with NFTs. According to a report by the online store for decentralized applications (dapp) DappRadar, the NFT market saw a 137% increase in trading volume during the first quarter of this year. Despite a slight drop of more than 15% in March, the ecosystem reached $4.7 billion in total value for the first quarter.

New and emerging online marketplaces such as Blur led to a substantial increase in overall trading volume during the first quarter of the ecosystem. Garzik said projects like Blur are fantastic in that they will drive competition in the market and likely force other competitors in the market to improve and improve.

Garzik said much of the NFT hype seems to have finally died down, and users are now looking for NFTs that can provide real utility, something users can engage with and will grab their attention.

THE [NFT] the hype comes, it goes, and as that water pours into the sea, what’s left are higher quality projects, he said.

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