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)
π Vocabulary:
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.
π€ Comprehension Questions:
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.
The trading volume of NFTs has fallen by 89% since the start of 2022.
The bad market has caused job cuts, and some NFT creators have had to let people go.
The sales values of the Bored Ape NFTs have dropped a lot from what they used to be.
They had to sell at lower prices because the market went down and the value of their NFTs went down too.
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.
Companies like Pudgy Penguins are being creative, like giving NFT owners a share of the money from selling toys that look like the NFTs.
Entrepreneurs are thinking of new ways to attract people, such as offering special events and making real-life versions of the NFTs.
π§βοΈ Listen and Fill in the Gaps:
NFTs, or Non Tokens, were once a big deal in the world of and digital art. But now, new data shows that the NFT 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 Ape NFTs, which were selling for millions of dollars, have seen a big drop in their sales . Many NFT owners, like Taylor and 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 , 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 , there are of innovation and potential revival in the NFT market. Some NFT businesses, like Pudgy Penguins, have come up with new to keep people interested in their products. For , they offer royalties to NFT holders from the sales of matching soft toys. Also, some entrepreneurs 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 and who see a chance for it to come back through new and creative approaches. But it's not if the market will get as exciting as it was before.
π¬ Discussion Questions:
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
ππ Vocabulary Meanings:
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Words
Meanings
π‘ Multiple Choice Questions:
π΅οΈ True or False Questions:
π Write a Summary:
Write a summary of this news article in two sentences.
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