NFTs, or Non Fungible Tokens, were once a big deal in the world of cryptocurrency and digital art. But now, new data shows that the NFT market has gone down a lot. The value of NFT transactions has dropped, and trading volume has fallen by 89% since the start of 2022. This has led to job cuts in the industry, with some well-known NFT creators announcing layoffs.

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

Even though the NFT market is down, there are still buyers who think there’s potential. Some believe that the current low prices are a chance to get valuable NFTs for a good deal. But others, like Vignesh Sundaresan, one of the biggest NFT investors, think that the best days for NFTs are over. He says that the next phase of NFTs won’t be about the price and warns that speculating in the market is risky.

Despite the decline, there are signs of innovation and potential revival in the NFT market. Some NFT businesses, like Pudgy Penguins, have come up with new strategies to keep people interested in their products. For example, they offer royalties to NFT holders from the sales of matching soft toys. Also, some entrepreneurs think that trying out new things and offering new incentives, like exclusive events and physical versions of NFTs, could help bring the market back to life.

In the end, even though the NFT market has gone down a lot, there are still people and businesses who see a chance for it to come back through new and creative approaches. But it’s not clear if the market will get as exciting as it was before.

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

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Group or Classroom Activities

Warm-up Activities:

– News Summary
Instructions: Students will work individually to summarize the article in three sentences. They should focus on capturing the main points: the drop in the NFT market, the impact on creators and investors, and the potential for future innovation. After writing their summaries, students will share them with a partner and discuss any differences.

– Opinion Poll
Instructions: Divide the class into two groups. One group believes that NFTs have a future and will recover, while the other group believes that the best days of NFTs are over. Each group will discuss and list their arguments, then present them to the class. After the presentations, take a class vote to see which opinion is more popular.

– Vocabulary Pictionary
Instructions: Write down key vocabulary from the article on slips of paper (e.g., NFT, cryptocurrency, digital art, trading volume, layoffs, market downturn, speculation, innovation, royalties). Students will take turns drawing a word for their team to guess without speaking or writing letters or numbers. The team with the most correctly guessed words wins.

– Future Predictions
Instructions: Students will work in small groups to discuss and make predictions about the future of NFTs. They should consider the current market trends and the innovative strategies mentioned in the article. Each group will write down their predictions and present them to the class. Encourage the use of conditional language (e.g., “If the market continues to decline, then…”).

– Think-Pair-Share
Instructions: Pose a question to the class: “Do you think NFTs are a fad or a revolutionary technology?” Students will first think about their answer individually, then pair up with a classmate to discuss their thoughts. Finally, pairs will share their opinions with the class, fostering a larger group discussion. This activity encourages students to use critical thinking and articulate their thoughts in English.

Comprehension Questions:

1. What are NFTs, and how have they been affected in the digital market recently?
2. By what percentage has the trading volume of NFTs fallen since the start of 2022?
3. What consequence has the downturn of the NFT market had on employment within the industry?
4. How have the sales values of the Bored Ape NFTs changed?
5. Why did NFT owners like Taylor Whitley and Angie Taylor have to sell their NFTs at lower prices?
6. What does Vignesh Sundaresan, a major NFT investor, believe about the future of NFTs?
7. How are companies like Pudgy Penguins trying to maintain interest in their NFT products?
8. What are some new incentives that entrepreneurs are considering to potentially revive the NFT market?
Go to answers ⇩

Listen and Fill in the Gaps:

NFTs, or Non (1)______ Tokens, were once a big deal in the world of (2)______ and digital art. But now, new data shows that the NFT (3)______ has gone down a lot. The value of NFT transactions has dropped, and trading volume has fallen by 89% since the start of 2022. This has led to job cuts in the industry, with some well-known NFT creators announcing layoffs.

The popular (4)______ Ape NFTs, which were selling for millions of dollars, have seen a big drop in their sales (5)______. Many NFT owners, like Taylor (6)______ and (7)______ Taylor, have had to sell their prized NFTs at lower prices because of the market downturn. As a result, some artists have had to go back to their old jobs to make a living.

Even though the NFT market is down, there are still buyers who think there’s potential. Some believe that the current low prices are a chance to get valuable NFTs for a good deal. But (8)______, like Vignesh Sundaresan, one of the biggest NFT investors, think that the best days for NFTs are over. He says that the next phase of NFTs won’t be about the price and warns that speculating in the market is risky.

Despite the (9)______, there are (10)______ of innovation and potential revival in the NFT market. Some NFT businesses, like Pudgy Penguins, have come up with new (11)______ to keep people interested in their products. For (12)______, they offer royalties to NFT holders from the sales of matching soft toys. Also, some entrepreneurs (13)______ that trying out new things and offering new incentives, like exclusive events and physical versions of NFTs, could help bring the market back to life.

In the end, even though the NFT market has gone down a lot, there are still (14)______ and (15)______ who see a chance for it to come back through new and creative approaches. But it’s not (16)______ if the market will get as exciting as it was before.
Go to answers ⇩

Discussion Questions:

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

1. What is an NFT? Can you explain it in your own words?
2. How would you feel if you invested money in something that lost a lot of its value?
3. Do you think digital art is as valuable as traditional art? Why or why not?
4. Have you ever collected anything that you hoped would increase in value over time?
5. What do you think about the idea of owning a digital item? Is it appealing to you?
6. If you had the chance, would you buy an NFT? Why or why not?
7. How do you think people who create digital art can make money if the NFT market is down?
8. Do you think it’s important for artists to have a backup plan for their career? Why?
9. What do you think about the strategy of offering physical versions of digital items?
10. Would you be more interested in buying an NFT if it came with extra benefits, like entry to special events?
11. Do you think NFTs will become popular again in the future, or is it just a temporary trend?
12. How do you think the drop in the NFT market has affected people’s trust in investing in new technologies?
13. Can you think of any other examples where a new product or idea was very popular and then suddenly became less popular?
14. Do you think it’s risky to invest in things that are very new and not well understood? Why or why not?
15. If you could create your own NFT, what would it be and why would people want to buy it?

Individual Activities

Vocabulary Meanings:

Match each word to its meaning.

Words:
1. NFTs
2. cryptocurrency
3. digital
4. transactions
5. volume
6. creators
7. downturn
8. potential

Meanings:
(a) The possibility for something to happen in the future
(b) People who make something new
(c) Online money that uses cryptography for security
(d) The act of buying or selling something
(e) The amount of something that is traded
(f) A decrease in the value or success of something
(g) Unique digital assets that can’t be exchanged
(h) Relating to technology like computers and the internet
Go to answers ⇩

Multiple Choice Questions:

1. What do the letters NFT stand for?
(a) New Found Treasures
(b) National Football Team
(c) Non Fungible Tokens
(d) Not For Trade

2. What has happened to the value of NFT transactions since the start of 2022?
(a) Increased by 50%
(b) Dropped by 89%
(c) Stayed the same
(d) Doubled

3. What has led to job cuts in the NFT industry?
(a) Increased sales
(b) New regulations
(c) Lack of interest
(d) Market downturn

4. Who has had to sell their prized NFTs at lower prices?
(a) Vignesh Sundaresan
(b) Pudgy Penguins
(c) Bored Ape NFTs
(d) Taylor Whitley and Angie Taylor

5. What do some buyers believe about the current low prices of NFTs?
(a) A sign to stay away from the market
(b) A chance to get valuable NFTs for a good deal
(c) A reason to invest more money
(d) A temporary setback

6. What does Vignesh Sundaresan think about the future of NFTs?
(a) The best days for NFTs are over
(b) The market will keep growing
(c) NFTs will become the new currency
(d) NFTs will replace traditional art

7. What have some NFT businesses, like Pudgy Penguins, done to keep people interested in their products?
(a) Lower their prices
(b) Stop selling NFTs
(c) Offer royalties to NFT holders from the sales of matching soft toys
(d) Lay off their employees

8. What do some entrepreneurs believe could help bring the NFT market back to life?
(a) Trying out new things and offering new incentives
(b) Keeping the same strategies
(c) Selling NFTs at higher prices
(d) Ignoring the market downturn

Go to answers ⇩

True or False Questions:

1. NFTs, or Non Fungible Tokens, used to be really popular in the world of cryptocurrency and digital art.
2. Even the notorious Bored Ape NFTs have seen a significant rise in their sales value.
3. Some well-known NFT creators have had to lay off employees due to the market downturn.
4. Some NFT businesses are avoiding new strategies, like offering royalties and physical versions of NFTs, to keep the market interesting.
5. Some NFT owners have had the opportunity to sell their NFTs at higher prices because of the market decline.
6. However, new data shows that the NFT market has dropped a lot recently.
7. Despite the market going down, some people still think there’s potential in buying NFTs at low prices.
8. The value of NFT transactions has increased, and trading volume has soared by 89% since the start 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 significant change has occurred in the NFT market since the beginning of 2022?
2. How have the sales values of the Bored Ape NFTs been affected recently?
3. Why have some artists returned to their previous jobs?
4. What does Vignesh Sundaresan believe about the future of NFTs?
5. What are some of the innovative strategies NFT businesses are using to maintain interest in their products?

Answers

Comprehension Question Answers:

1. What are NFTs, and how have they been affected in the digital market recently?
NFTs are unique digital items that can’t be replaced by something else, like a one-of-a-kind trading card. Lately, they’ve been doing poorly in the market, with their sales and trading volume dropping a lot.

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

3. What consequence has the downturn of the NFT market had on employment within the industry?
The bad market has caused job cuts, and some NFT creators have had to let people go.

4. How have the sales values of the Bored Ape NFTs changed?
The sales values of the Bored Ape NFTs have dropped a lot from what they used to be.

5. Why did NFT owners like Taylor Whitley and Angie Taylor have to sell their NFTs at lower prices?
They had to sell at lower prices because the market went down and the value of their NFTs went down too.

6. What does Vignesh Sundaresan, a major NFT investor, believe about the future of NFTs?
Vignesh Sundaresan thinks the best times for NFTs might be in the past. He says that the next big thing for NFTs won’t focus on their price and warns that betting on the market is a gamble.

7. How are companies like Pudgy Penguins trying to maintain interest in their NFT products?
Companies like Pudgy Penguins are being creative, like giving NFT owners a share of the money from selling toys that look like the NFTs.

8. What are some new incentives that entrepreneurs are considering to potentially revive the NFT market?
Entrepreneurs are thinking of new ways to attract people, such as offering special events and making real-life versions of the NFTs.
Go back to questions ⇧

Listen and Fill in the Gaps Answers:

(1) Fungible
(2) cryptocurrency
(3) market
(4) Bored
(5) value
(6) Whitley
(7) Angie
(8) others
(9) decline
(10) signs
(11) strategies
(12) example
(13) think
(14) people
(15) businesses
(16) clear
Go back to questions ⇧

Vocabulary Meanings Answers:

1. NFTs
Answer: (g) Unique digital assets that can’t be exchanged

2. cryptocurrency
Answer: (c) Online money that uses cryptography for security

3. digital
Answer: (h) Relating to technology like computers and the internet

4. transactions
Answer: (d) The act of buying or selling something

5. volume
Answer: (e) The amount of something that is traded

6. creators
Answer: (b) People who make something new

7. downturn
Answer: (f) A decrease in the value or success of something

8. potential
Answer: (a) The possibility for something to happen in the future
Go back to questions ⇧

Multiple Choice Answers:

1. What do the letters NFT stand for?
Answer: (c) Non Fungible Tokens

2. What has happened to the value of NFT transactions since the start of 2022?
Answer: (b) Dropped by 89%

3. What has led to job cuts in the NFT industry?
Answer: (d) Market downturn

4. Who has had to sell their prized NFTs at lower prices?
Answer: (d) Taylor Whitley and Angie Taylor

5. What do some buyers believe about the current low prices of NFTs?
Answer: (b) A chance to get valuable NFTs for a good deal

6. What does Vignesh Sundaresan think about the future of NFTs?
Answer: (a) The best days for NFTs are over

7. What have some NFT businesses, like Pudgy Penguins, done to keep people interested in their products?
Answer: (c) Offer royalties to NFT holders from the sales of matching soft toys

8. What do some entrepreneurs believe could help bring the NFT market back to life?
Answer: (a) Trying out new things and offering new incentives
Go back to questions ⇧

True or False Answers:

1. NFTs, or Non Fungible Tokens, used to be really popular in the world of cryptocurrency and digital art. (Answer: True)
2. Even the notorious Bored Ape NFTs have seen a significant rise in their sales value. (Answer: False)
3. Some well-known NFT creators have had to lay off employees due to the market downturn. (Answer: True)
4. Some NFT businesses are avoiding new strategies, like offering royalties and physical versions of NFTs, to keep the market interesting. (Answer: False)
5. Some NFT owners have had the opportunity to sell their NFTs at higher prices because of the market decline. (Answer: False)
6. However, new data shows that the NFT market has dropped a lot recently. (Answer: True)
7. Despite the market going down, some people still think there’s potential in buying NFTs at low prices. (Answer: True)
8. The value of NFT transactions has increased, and trading volume has soared by 89% since the start of 2022. (Answer: False)
Go back to questions ⇧