NFTs, or Non Fungible Tokens, were once a hot topic in the world of cryptocurrency and digital art. However, recent data suggests that the NFT market has experienced a significant decline. The value of NFT transactions has dropped, and trading volume has fallen by 89% since the beginning of 2022. This decline has led to job cuts in the industry, with some well-known NFT creators announcing redundancies.

The once popular Bored Ape NFTs, which were selling for millions of dollars, have seen a significant drop in their sales value. Many NFT owners, like Taylor Whitley and Angie Taylor, have had to sell their prized NFTs at lower prices due to the market downturn. As a result, some artists have had to return to their previous jobs to make a living.

Despite the current downturn, there are still buyers who see potential in the NFT market. Some believe that the current low prices present an opportunity to acquire valuable NFTs at a bargain. However, others, like Vignesh Sundaresan, one of the biggest NFT investors, believe that the boom days of NFTs are over. He emphasizes that the next phase of NFTs won’t be about the price and warns that speculation in the market carries a significant risk.

Amidst the decline, there are signs of innovation and potential revival in the NFT market. Some NFT businesses, such as Pudgy Penguins, have introduced new strategies to maintain interest in their products. For example, they offer royalties to NFT holders from the sales of corresponding soft toys. Additionally, some entrepreneurs believe that experimentation and new incentives, such as exclusive events and physical versions of NFTs, could help revive the market.

In conclusion, while the NFT market has experienced a significant decline, there are still individuals and businesses who see potential for revival through innovative approaches. However, it is uncertain whether the market will reach the levels of excitement seen in the past.

Original news source: Whatever happened to NFTs? (BBC)

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Group or Classroom Activities

Warm-up Activities:

– News Reporter Role-play
Instructions: Students will be divided into pairs. One student plays the role of a news reporter and the other plays an expert on NFTs or a market analyst. The reporter interviews the expert on the decline of the NFT market, asking for opinions and insights. Then they switch roles. Encourage the use of specific vocabulary and phrases from the article.

– Opinion Spectrum
Instructions: Create a line in the classroom representing a spectrum from “strongly agree” to “strongly disagree.” Read statements related to the potential future of NFTs and have students place themselves along the spectrum according to their opinion. Students must then explain their position, using arguments and vocabulary from the text.

– Future Predictions
Instructions: Ask students to imagine the NFT market in 5 years based on the information in the article. They write down their predictions and then share with a partner or the class. Encourage the use of modal verbs for speculation (e.g., might, could, will) and future tenses.

– Keyword Taboo
Instructions: Write down keywords from the article (e.g., NFT, blockchain, market, speculation, innovation). Students play in pairs or small groups. One student must describe the keyword without using it or any other words on the list (similar to the game Taboo). Their partner has to guess the word.

– Think-Pair-Share
Instructions: Pose a question related to the article, such as “Do you believe NFTs have a sustainable future or is it just a passing trend?” Students first think individually, then pair up to discuss their thoughts, and finally share their conclusions with the class. Encourage the use of comparative language and evidence from the article to support their opinions.

Comprehension Questions:

1. What is the primary focus of the article?
2. By what percentage has the NFT trading volume fallen since the beginning of 2022?
3. What has been the impact of the NFT market decline on industry jobs?
4. How has the sales value of Bored Ape NFTs been affected by the market downturn?
5. What have some NFT owners, like Taylor Whitley and Angie Taylor, been forced to do due to the market conditions?
6. What is Vignesh Sundaresan’s perspective on the future of the NFT market?
7. What new strategy has the NFT business Pudgy Penguins introduced to maintain interest in their products?
8. What kinds of experimentation and new incentives do some entrepreneurs believe could help revive the NFT market?
Go to answers ⇩

Listen and Fill in the Gaps:

NFTs, or Non Fungible Tokens, were once a hot topic in the world of cryptocurrency and digital art. However, recent data suggests that the NFT market has experienced a significant (1)______. The value of NFT (2)______ has dropped, and trading volume has fallen by 89% since the (3)______ of 2022. This decline has led to job cuts in the industry, with some well-known NFT creators (4)______ redundancies.

The once popular Bored Ape NFTs, which were selling for millions of dollars, have seen a significant drop in their sales value. Many NFT (5)______, like Taylor Whitley and Angie Taylor, have had to sell their prized NFTs at lower (6)______ due to the market downturn. As a result, some artists have had to (7)______ to their previous jobs to make a living.

Despite the current downturn, there are still buyers who see potential in the NFT market. Some believe that the current low prices present an opportunity to acquire valuable NFTs at a bargain. However, (8)______, like Vignesh Sundaresan, one of the biggest NFT (9)______, believe that the boom days of NFTs are over. He emphasizes that the next phase of NFTs won’t be about the price and warns that speculation in the (10)______ carries a significant risk.

Amidst the decline, there are signs of innovation and potential (11)______ in the NFT market. Some NFT businesses, such as Pudgy Penguins, have introduced new strategies to maintain interest in their (12)______. For example, they offer royalties to NFT holders from the sales of (13)______ soft toys. Additionally, some entrepreneurs believe that experimentation and new incentives, such as exclusive (14)______ and (15)______ versions of NFTs, could help revive the market.

In conclusion, while the NFT market has experienced a significant decline, there are still (16)______ and businesses who see potential for revival through innovative approaches. However, it is uncertain whether the market will reach the levels of excitement seen in the past.
Go to answers ⇩

Discussion Questions:

Students can ask a partner these questions, or discuss them as a group.

1. What is your understanding of NFTs and how do you think they differ from traditional art investments?
2. How would you feel if you had invested in NFTs and the market suddenly declined?
3. Do you think NFTs are a passing trend or do they have a long-term future in the digital world? Why or why not?
4. Have you or anyone you know ever owned an NFT? What was the experience like?
5. What are some potential risks and benefits of investing in emerging technologies like NFTs?
6. Do you like the idea of digital assets being unique and non-replicable, as with NFTs? Why or why not?
7. How do you think the decline of the NFT market has affected artists and creators who embraced this medium?
8. Do you think the concept of tying physical items, like soft toys, to NFTs could help stabilize the market? Why or why not?
9. Have you ever experienced a significant loss in an investment, similar to what some NFT owners are facing? How did you handle it?
10. What is your opinion on the use of NFTs for exclusive events and experiences? Do you see value in this approach?
11. Do you think that the job cuts in the NFT industry are a sign of a bubble bursting, or just a normal market correction?
12. How would you approach investing in a market that is as volatile as NFTs have proven to be?
13. Do you believe that the NFT market can recover to its previous levels of excitement? Why or why not?
14. What is an innovative approach in business or technology that you’ve seen succeed after a period of decline?
15. Do you think that the integration of NFTs with traditional forms of art and collectibles could lead to a more sustainable market? Why or why not?

Individual Activities

Vocabulary Meanings:

Match each word to its meaning.

Words:
1. NFTs
2. decline
3. transactions
4. creators
5. Bored Ape
6. owners
7. potential
8. revival

Meanings:
(a) significant drop
(b) value of NFTs being bought or sold
(c) possibility for future success
(d) individuals who make NFTs
(e) Non Fungible Tokens
(f) people who possess NFTs
(g) once popular type of NFT
(h) improvement or reawakening
Go to answers ⇩

Multiple Choice Questions:

1. What does NFT stand for?
(a) New Found Treasures
(b) National Football Team
(c) Nonprofit Foundation Trust
(d) Non Fungible Tokens

2. How much has the trading volume of NFTs fallen by since the beginning of 2022?
(a) 89%
(b) 50%
(c) 25%
(d) 75%

3. What has happened to the sales value of Bored Ape NFTs?
(a) Significant increase
(b) No change
(c) Significant drop
(d) Fluctuation

4. Who has had to sell their prized NFTs at lower prices due to the market downturn?
(a) Vignesh Sundaresan
(b) Taylor Whitley and Angie Taylor
(c) Pudgy Penguins
(d) Non Fungible Tokens

5. What do some buyers see in the current low prices of NFTs?
(a) No potential for profit
(b) Opportunity to acquire valuable NFTs at a bargain
(c) A reason to exit the market
(d) A sign of the end of NFTs

6. Who believes that the boom days of NFTs are over?
(a) Taylor Whitley
(b) Pudgy Penguins
(c) Vignesh Sundaresan
(d) Angie Taylor

7. What new strategy has Pudgy Penguins introduced to maintain interest in their NFT products?
(a) Offering royalties to NFT holders from the sales of corresponding soft toys
(b) Lowering the prices of their NFTs
(c) Selling their NFTs at higher prices
(d) Investing in traditional art

8. What do some entrepreneurs believe could help revive the NFT market?
(a) Keeping the market as it is
(b) Ignoring the decline
(c) Focusing solely on digital art
(d) Experimentation and new incentives, such as exclusive events and physical versions of NFTs

Go to answers ⇩

True or False Questions:

1. Some NFT businesses, such as Pudgy Penguins, have introduced new strategies to maintain interest in their products, such as offering royalties to NFT holders from the sales of corresponding soft toys.
2. Vignesh Sundaresan, a big NFT investor, believes that the boom days of NFTs are over and warns that speculation in the market carries a significant risk.
3. Some NFT owners, like Taylor Whitley and Angie Taylor, have been able to sell their prized NFTs at higher prices due to the market upturn.
4. Job promotions in the NFT industry have been announced by some well-known NFT creators due to the market upturn.
5. Bored Ape NFTs, once selling for millions of dollars, have seen a significant drop in their sales value.
6. Despite the market upturn, there are still buyers who see potential in the NFT market and believe that the current high prices present an opportunity to acquire valuable NFTs at a premium.
7. Some artists have had to return to their previous jobs to make a living due to the decline in the NFT market.
8. The NFT market has experienced a significant increase in value and trading volume, with a rise of 89% since the beginning of 2022.
Go to answers ⇩

Write a Summary:

Write a summary of this news article in two sentences.

Writing Questions:

Answer the following questions. Write as much as you can for each answer.

1. What specific indicators suggest that the NFT market has experienced a decline?
2. How has the downturn in the NFT market affected individual NFT owners like Taylor Whitley and Angie Taylor?
3. What is Vignesh Sundaresan’s perspective on the future of NFTs and the risks associated with market speculation?
4. How are NFT businesses like Pudgy Penguins adapting their strategies to maintain interest in their products amid the market decline?
5. What are some of the innovative approaches that entrepreneurs believe could potentially revive the NFT market?

Answers

Comprehension Question Answers:

1. What is the primary focus of the article?
The article focuses on the significant decline of the NFT market, including decreased transaction values, reduced trading volumes, job cuts in the industry, and the potential for a market revival through innovative strategies.

2. By what percentage has the NFT trading volume fallen since the beginning of 2022?
The NFT trading volume has fallen by 89% since the beginning of 2022.

3. What has been the impact of the NFT market decline on industry jobs?
The decline in the NFT market has led to job cuts in the industry, with some NFT creators announcing redundancies.

4. How has the sales value of Bored Ape NFTs been affected by the market downturn?
The sales value of Bored Ape NFTs has seen a significant drop due to the market downturn.

5. What have some NFT owners, like Taylor Whitley and Angie Taylor, been forced to do due to the market conditions?
Some NFT owners, like Taylor Whitley and Angie Taylor, have been forced to sell their prized NFTs at lower prices due to the market downturn.

6. What is Vignesh Sundaresan’s perspective on the future of the NFT market?
Vignesh Sundaresan believes that the boom days of NFTs are over and that the next phase won’t be about the price. He also warns that speculation in the market carries a significant risk.

7. What new strategy has the NFT business Pudgy Penguins introduced to maintain interest in their products?
Pudgy Penguins has introduced a new strategy of offering royalties to NFT holders from the sales of corresponding soft toys to maintain interest in their products.

8. What kinds of experimentation and new incentives do some entrepreneurs believe could help revive the NFT market?
Some entrepreneurs believe that experimentation with new incentives, such as exclusive events and physical versions of NFTs, could help revive the market.
Go back to questions ⇧

Listen and Fill in the Gaps Answers:

(1) decline
(2) transactions
(3) beginning
(4) announcing
(5) owners
(6) prices
(7) return
(8) others
(9) investors
(10) market
(11) revival
(12) products
(13) corresponding
(14) events
(15) physical
(16) individuals
Go back to questions ⇧

Vocabulary Meanings Answers:

1. NFTs
Answer: (e) Non Fungible Tokens

2. decline
Answer: (a) significant drop

3. transactions
Answer: (b) value of NFTs being bought or sold

4. creators
Answer: (d) individuals who make NFTs

5. Bored Ape
Answer: (g) once popular type of NFT

6. owners
Answer: (f) people who possess NFTs

7. potential
Answer: (c) possibility for future success

8. revival
Answer: (h) improvement or reawakening
Go back to questions ⇧

Multiple Choice Answers:

1. What does NFT stand for?
Answer: (d) Non Fungible Tokens

2. How much has the trading volume of NFTs fallen by since the beginning of 2022?
Answer: (a) 89%

3. What has happened to the sales value of Bored Ape NFTs?
Answer: (c) Significant drop

4. Who has had to sell their prized NFTs at lower prices due to the market downturn?
Answer: (b) Taylor Whitley and Angie Taylor

5. What do some buyers see in the current low prices of NFTs?
Answer: (b) Opportunity to acquire valuable NFTs at a bargain

6. Who believes that the boom days of NFTs are over?
Answer: (c) Vignesh Sundaresan

7. What new strategy has Pudgy Penguins introduced to maintain interest in their NFT products?
Answer: (a) Offering royalties to NFT holders from the sales of corresponding soft toys

8. What do some entrepreneurs believe could help revive the NFT market?
Answer: (d) Experimentation and new incentives, such as exclusive events and physical versions of NFTs
Go back to questions ⇧

True or False Answers:

1. Some NFT businesses, such as Pudgy Penguins, have introduced new strategies to maintain interest in their products, such as offering royalties to NFT holders from the sales of corresponding soft toys. (Answer: True)
2. Vignesh Sundaresan, a big NFT investor, believes that the boom days of NFTs are over and warns that speculation in the market carries a significant risk. (Answer: True)
3. Some NFT owners, like Taylor Whitley and Angie Taylor, have been able to sell their prized NFTs at higher prices due to the market upturn. (Answer: False)
4. Job promotions in the NFT industry have been announced by some well-known NFT creators due to the market upturn. (Answer: False)
5. Bored Ape NFTs, once selling for millions of dollars, have seen a significant drop in their sales value. (Answer: True)
6. Despite the market upturn, there are still buyers who see potential in the NFT market and believe that the current high prices present an opportunity to acquire valuable NFTs at a premium. (Answer: False)
7. Some artists have had to return to their previous jobs to make a living due to the decline in the NFT market. (Answer: True)
8. The NFT market has experienced a significant increase in value and trading volume, with a rise of 89% since the beginning of 2022. (Answer: False)
Go back to questions ⇧