Here’s One Reason Why Buterin Is Happy With the Bear Market

  • NFT trading volumes have dropped by 97% from their all-time high in January 2022.
  • Monthly volume has reached only $467 million this September when its highest was $17.2 billion.
  • Vitalik Buterin criticizes NFTs and he considers NFT trading as a sort of “gambling.”

It appears there is one subsector of the crypto space that is affected more by the current crypto bear market than regular cryptocurrencies — non-fungible tokens (NFTs). Specifically, the NFT trading volumes appear to be dead.

According to an article by Bloomberg, NFT trading volumes have dropped by 97% from their peak in January 2022. Back in January 2022, trading volumes reached $17.2 billion. Meanwhile, September is about to close but the figure is now down to $467 million. 

While most crypto traders — especially those who flip NFTs for a living — are struggling to regain their stride, at least one person in the space is expected to be happy. This person is none other than Vitalik Buterin, the face of Ethereum and the so-called ‘Prince of Crypto’, as per Time.

Buterin has long been a critic of NFT trading. Not that he hates NFTs — the very network he co-founded gave birth to NFTs. However, Buterin believes that crypto was supposed to be used for more revolutionary reasons. Instead, people are using crypto — including NFTs — to make money out of thin air. He even likened NFT trading to “gambling.”

He said: 

“The peril is you have these $3 million monkeys [referring to Bored Ape Yacht Club (BAYC)] and it becomes a different kind of gambling.”

Buterin’s tirade at NFTs did not stop there; he also said something similar during his speech at the Blockchain Futurist Conference in August. Specifically, he said that crypto founders sought to revolt against ideals imposed by current government authorities. And then today, “it’s like, ‘Hey, look, it’s a monkey!” he jested.

At the time of writing, the floor price of a BAYC is 83.5 ETH, which is equivalent to $108,000, given the current market price. 

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.