...While NFTs continue to be obnoxious, the bad news is that they will be slow to die off completely. After funneling huge money into the space, venture capitalists will want to see returns on their investments—even if it means throwing good money after bad.
In May, the venture-capital firm Andreessen Horowitz announced it had raised a $4.5 billion crypto fund, the industry’s largest to date. That money has to go somewhere.
The only thing that might make a difference in how the world views NFTs is that Ethereum, the blockchain that most NFTs live on, is shifting to a more energy-efficient proof of stake, so that the network will no longer consume the energy of a small country. The CO2 projection of Ethereum was one of the biggest public objections to NFTs. ...
After raising $450 million in an Andreessen Horowitz-led round in March, Yuga Labs, the company behind Bored Apes Yacht Club, has shifted to creating a massively multiplayer game, which it is now tasked with getting off the ground.
Even when common sense says that NFTs have gone the way of Beanie Babies, venture capitalists, and their over-funded projects, will still be shilling them long past the point where we’ve all stopped listing.
See the full story here: https://news.artnet.com/market/nfts-boom-bust-and-backlash-2176451