IS THE NFT MARKET IN A BUBBLE STATE?

As NFTs continue to boom in the art market, our guest writer and NFT expert, Cameron Stubbs, answers your most frequent questions and whether he thinks the NFT market is truly in a bubble state.

8 November, 2021

Let’s begin by trying to determine what stage of evolution the market is currently in.

The first NFT Art project on Ethereum was Curio Cards. That’s right, these cards were created before the famous CryptoPunks back on May 9th, 2017. So, if we take that as the starting line for the creation date, then the NFT art market would be less than 4 and a half years old (at the time of writing).

Compare that to traditional markets:

Christie's auction house, created in 1766 – 255 years old

London Stock Exchange, created in 1801 – 219 years old

First cryptocurrency (Bitcoin), created in 2009 – 12 years old

Using the information above we can determine that the NFT market is still very much in the infancy stage of its life cycle, and therefore, it arguably has a lot more room for growth.