In 2022, tech buzzwords like web3, NFT, and metaverse have taken the center stage not just in the tech world but in everyday conversations. Silicon Valley leaders including the likes of Elon Musk and Jack Dorsey have become major proponents of the emerging trend, further igniting a worldwide interest in the future prospects and applications involving innovative technology.
Starting last year, the mainstream entertainment industry stood out as the new players to enter the web3 metaverse space. While a handful of the initial projects either driven by famous actors and popstars or entertainment businesses minting various forms of NFT collectibles based on IP-derived content and digital goods managed to achieve a hefty sales revenue immediately following the drop of their respective NFT collectibles, the vast majority of others that joined failed to replicate the same kind of success. In fact, the rare yet well-publicized cases of instant success led to waves of indiscriminate issuance of copycats and scams, which in turn, pushed out the fans and brought in speculators abusing the market in hope of quick profits. As a result, we are currently seeing a bear market trend in the NFT space.