NFTs: Optimism Around Non-Fungible Tokens Slides 14 Percent Amid Crypto Meltdown

Several companies like Concentrix, BlackBerry, and Nvidia discussed the depressed crypto market.

NFTs are non-fungible tokens that promise exclusive ownership.

Source : Getty

New Delhi: The sentiment around non-fungible tokens (NFTs) fell by 14 percent among companies in the June quarter (Q2), demonstrating a decline in optimism around NFTs due to rising discussions about the downturn in the cryptocurrency market, a report showed on Wednesday.

In Q2 2022, NFTs have been the topic of more debates than ever, although opinions have changed resulting in a decrease in optimism.

"According to the most recent earnings announcements, this drop in confidence has been caused by discussions surrounding the cryptocurrency market decline," said Ekta Chourasia, business fundamentals analyst at GlobalData, a leading data and analytics company.

The mention of NFTs in companies' earnings call transcripts rose to their highest level in the June quarter (Q2), experiencing a 30 percent rise (on-quarter).

Several companies like Concentrix Corp, BlackBerry, and NVIDIA Corporation discussed the depressed crypto market.

Coinbase Global, a banking and payment company, mentioned high volatility in crypto prices affecting its transaction revenue and Nano Dimension Ltd discussed crypto losing value.

There were some positive discussions on NFT as well, especially around mentions of "investment", "invested", and "launch".

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Coinbase Global, mentioned the launch of NFT Beta and its plan to add features that would facilitate people to mint their own NFTs.

The technology sector alone accounted for 53 percent of the total NFT mentions, followed by the banking and payment sector with 18 per cent of the mentions.

"Some NFT discussions were also focused on the keyword e-commerce showing the growing application of NFTs in the e-commerce businesses," said Chourasia.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.