😭 A couple reasons why the NFT market is having a bad time in 2023: 💶 Market Saturation: The abundance of NFTs in the market is making it difficult for prospective buyers to discern value. The inundation of choices may potentially lead to diminished demand, as the vast selection can be daunting and overwhelming for buyers. 🔼 High Transaction Costs: The expense associated with transactions on specific blockchain networks, particularly during times of heightened network congestion, can discourage potential buyers. These high costs act as a deterrent to NFT purchases. 🌿 Environmental Considerations: There are growing concerns about the environmental ramifications of blockchain technology used for creating and trading NFTs. Such environmental apprehensions could be a factor deterring prospective buyers from engaging in the NFT market. 🤑 Market Speculation and Volatility: The NFT market is marked by significant speculation and volatility, leading to a climate of risk and uncertainty. This unpredictable nature of the market may discourage some buyers. 📖 Lack of Understanding and Awareness: A dearth of understanding and awareness about the complexities of NFTs and the underlying blockchain technology could be inhibiting transaction activity. The technical intricacies might be challenging for novices to grasp. ⚖️ Legal and Regulatory Concerns: The NFT market faces challenges related to copyright violations, intellectual property rights, and an absence of definitive regulations. These issues could be further discouraging potential buyers, contributing to a decrease in transactions. Follow Gamestarter on: Website | Twitter | Telegram | Announcements | Discord | TikTok | Twitch | Medium | Instagram | Reddit | Spotify