Okay, fam, let's be real. NEAR’s price just face-planted like I did trying to learn that TikTok dance. We answered from “wen Lambo?” to “wen…food? The charts resemble a rollercoaster built by an amusement park architect disgruntled over being laid off. Is this the death knell for the $NEAR NFT summer? Or simply a vibe check that didn’t go as planned? Let’s be real though, because I know your swag bags are getting just as heavy as me, so let’s dish.

NFT Dreams Crashing Down

Familiar with the time when NEAR was the new hot spot for NFTs? All that smoke and mirrors, the pitch of low fees and a new cosmopolitan lifestyle… it was a crypto Woodstock. Now? It’s all starting to feel a lot more like Fyre Fest, but with fewer cheese sandwiches and more existential dread.

I’m watching artists who just months ago poured their values, artistry and creativity into their NEAR-based collections—suddenly caught up in a panic sell. Having gotten in too early, speculators that aped in are seeing their portfolios go to zero. If you’re hoping for those kind of discussions, the Discord servers are more than 90% copium. The mood is…rough.

In speaking with another artist, “PixelPusher69,” whose work is heavily informed by the world of crypto. They are in earnest discussions about migrating their work to a different blockchain. "I truly had faith in NEAR, bro,” they said, their voice trembling (possibly). "If nobody's buying, what's the point? I can't pay my rent in vibes."

That's the harsh reality. Vibes don't pay the bills. Hype doesn't guarantee success. At a certain place, you want real value, real demand. Is NEAR truly living up to that promise, or is it another flash in the pan?

Innovation or Just Another JPEG?

Let's be brutally honest: how many NEAR-based NFTs are genuinely innovative? How many are offering something truly unique? Or are they just…JPEGs?

Of course I’m not implying that all NEAR NFTs are terrible. But there are surely still plenty of impressive, imaginative creators out there producing exciting work. But there's a lot of noise. Many more projects that you can tell are completely on this hype train with no legs to stand on.

And that’s a major issue because when the market turns, those are the projects that get rekt the most. That’s when people start doubting the worth of their non-fungible puppies. Now, suddenly, that cute companion animal you purchased for the equivalent of 5 NEAR is pretty much worthless.

It’s as if the world went mad for Beanie Babies. Recall how confident we were that they’d all be worth millions one day. And now they’re sitting under layers of dust in our parents’ attics. Are NEAR NFTs fated for the same calamity?

Last Chance For NEAR NFT Glory?

There’s much more to the price decline than just a data point on a chart. It's a signal. It's a warning. It's a vibe check. And the vibe is…not great.

If NEAR has any hope of righting the ship, it must do so in short order. The window of opportunity is closing. The clock is ticking. This isn't a drill!

DWF Labs is already raising the bar with their radical inflation-busting proposal. While lower inflation is likely to be a net positive for existing holders, is this enough to make it attractive? Will NEAR actually take the deal?

Of course, CoinDesk would be remiss not to mention the user growth, and that’s undoubtedly something to celebrate. 46 million monthly active users isn’t something to sneeze at either. Are all those users truly participating in the NFT ecosystem? Or merchants perhaps they are just buying and using NEAR for non-defi purposes.

The market sentiment overall is bearish and that is a very difficult headwind to swim against. NEAR has a choice: it can either double down on its strengths, focus on building real value, and attract serious investors…or it can fade into obscurity, another cautionary tale in the wild west of crypto.

So, what's it gonna be, NEAR? Looking to come out of left field and show your startup isn’t all sizzle and no steak? Or is the party truly over?

The next few weeks will be critical. And I, for one, will be watching carefully. My bags (and my popcorn) are ready.