Dark clouds don’t seem to fade away completely when it comes to the digital asset sector. Though blockchain technology is considered to be the next revolution after the internet, some of the biggest blockchain based projects, including non-fungible tokens (NFT) are not getting what it takes to grow in the market. Moreover, the rise of artificial intelligence (AI) is becoming a challenge for the industry.
Biggest Variables in NFT Growth: Regulations and AI
Recently, Irreverent Labs, a game developer, announced that they are closing their NFT-based game in June 2023. The NFT game, MechaFightClub, was supposed to be driven by the non-fungible token sales. However, things did not go according to the plan and the decision for ‘indefinite hibernation’ was taken.
Source: https://www.thecoinrepublic.com/2023/05/16/regulations-and-ai-are-hampering-the-nft-sector-growth-globally/