Where will BAYC and MAYC end as traders eye NFTs with ‘real utility’
When the NFTs buzz was rampant in 2021, not many traders thought about utility. But the bearish market of 2022 seemed to have opened the eyes of many, and might now affect the volume of some blue-chip collections.
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According to a DappRadar and Alsomine report, released on 15 February, many traders were unaware of the possible utility of NFTs.
This might not be surprising especially as collections like Bored Ape Yacht Club [BAYC] and Mutant Ape Yacht Club [MAYC] were only seen as speculative assets during 2021 to early 2022 market boom.
Surprisingly, the report showed that the trading volume generated in 2022 was not extremely lower than the bullish market of 2021. While the volume was $ 25.1 billion in 2021, 2022 registered $24.7 billion in organic sales.
This means that the market was able to attract new participants despite the massive downturn. However, it seemed like the new entrants invested in more education than the old guards.
This was because the survey carried out by both platforms showed that 92% valued the utility of the NFTs rather than just bragging rights.
Source: DappRadar
Despite the preference, the survey confirmed that 60% of the respondents had no idea that NFTs could have real-world use cases. However, those with the information at their disposal rated earnings, ownership, and membership as some of the top use cases that would make them buy an NFT.
Raoul Pal, who is a widely-known NFT investor and CEO of Global Macro Investors shared the same sentiment . Recently the investor, while advocating for “real utility” opined,
“One thing I do know is that “utility” based ecosystems can not be just more drops and a Discord. It must actually be a
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