This week’s featured collector is gillinghammer
Gillinghammer’s motto is “be water.” We love the vibe. Take a look at their collection at lazy.com/gillinghammer
Are NFT Vibes Improving?
Last week’s poll asking “Are NFT Vibes Improving?” shows a notable shift toward optimism in the space. A clear majority—54%—believe that the vibes are indeed getting better, signaling renewed energy, confidence, and possibly a rebound in community enthusiasm or innovation. Only a small minority (8%) expressed skepticism, while 38% said they weren’t sure. This suggests curiosity or cautious observation rather than doubt. Overall, the results point to a positive trend: momentum is building, sentiment is warming, and the NFT community seems to be entering a more hopeful phase.
NFTs Reinvented: How Recent Market Shakeups Pave the Way for True Innovation
After years of dramatic peaks and steep valleys, non-fungible tokens (NFTs) appear to be in yet another transitional phase. Several high-profile NFT platforms—including Bybit, X2Y2, Kraken, LG Art Lab, and Nike-owned RTFKT—have either fully shut down or pivoted toward other ventures. For many collectors, these closures feel like the end of an era. Yet, anyone who has witnessed multiple cycles in crypto knows that from disruption often comes reinvention.
A Shifting Landscape
Bybit’s sudden exit—and its suggestion that the February hack for over a billion dollars played a role—adds to the series of market departures. X2Y2, which once boasted billions in total trading volume, is winding down operations to pivot toward AI. Similar stories emerged at Kraken and RTFKT, while LG likewise announced the closure of its own NFT marketplace in June.
At first glance, this wave of departures might look dire for NFT enthusiasts who still believe in the technology but have grown wary of relentless hype. After all, floor prices for marquee collections like CryptoPunks and Bored Ape Yacht Club have dropped dramatically from their peaks—further fueling a chorus of critics pronouncing NFTs “dead.”
Yet, the more meaningful takeaway lies in what these platforms are doing next. Kraken is reassigning resources to “new products and services.” X2Y2 and others are exploring AI, effectively transitioning from short-lived speculation to building future-facing technology with real utility. For all the gloom around declining trading volumes and battered floor prices, these moves reflect a market that is maturing and recalibrating rather than simply collapsing.
Looking Beyond the Hype
Back in the NFT bull run, collectors and creators alike benefited from near-instant liquidity and white-hot speculation. That speculative fervor attracted opportunistic actors but also encouraged meaningful experimentation. We’re now entering the phase where reckless speculation is cooling, making room for sustainable, utility-focused projects.
Builders in NFT gaming, music, art, collectibles, and tokenized real-world assets continue to see significant potential in NFTs. Even as some marketplaces disappear, new token standards, improved user experiences, and cross-chain integrations are rolling out. In a sense, the same slump that spooked so many speculators is the lull that serious developers have been waiting for—a chance to innovate in relative calm without the pressure to chase quick profits.
From Collectibles to Practical Applications
One recurring theme is the push toward real-world utility. Instead of dropping collections purely for bragging rights, developers are integrating NFTs into games that offer immersive experiences, platforms that tokenize intellectual property, and membership systems providing tangible benefits. Some sports teams and fan engagement apps, for example, rely on NFT-based systems to verify ownership or grant exclusive access to content. These use cases represent a deeper shift: NFTs are increasingly recognized as a powerful data and ownership mechanism rather than just digital collectibles.
The pivot toward AI also holds promise. By combining intelligent algorithms with NFT mechanics, projects can unlock dynamic art that evolves over time, create game characters whose traits are trained by AI, or roll out data-driven marketplaces that reward creators more fairly. This marks a step toward more interactive, efficient, and perhaps more ethical digital ecosystems.
Three Reasons for Optimism
Cycles Are Normal: Crypto has weathered many bullish and bearish cycles. Each time, projects with flimsy foundations fade, while those committed to real value endure and adapt.
Growing Utility: Whether it’s blockchain gaming, token-gated communities, or AI-driven NFT innovation, meaningful use cases for NFTs continue to expand. Even if volumes appear to shrink, real utility often brings more resilient growth.
Mature User Base: Many collectors now prioritize substance over spectacle. That’s a good sign. A healthier market rewards projects that deliver enduring value rather than short-term hype.
Conclusion: Reinvention on the Horizon
NFTs aren’t going away; they’re being reimagined. While it’s easy to see Bybit’s shutdown and a host of others retreating as a sign of impending doom, the pivot signals a broader recalibration of the market. For weary collectors, that’s a reason for cautious optimism: fewer poorly planned projects and a renewed emphasis on genuine utility will likely help NFTs evolve into more secure, engaging, and valuable digital assets.
Those who remain in the space, undeterred by sensational headlines, can look forward to an ecosystem better equipped to handle real-world challenges—thanks in part to AI, more rigorous standards, and a base of collectors committed to long-term innovation. Far from being the final chapter, this phase may just be the prelude to NFTs’ most transformative era yet.
How has your own approach to collecting or trading NFTs changed recently?
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