NFTs are digital representations of art or collectibles tied to a blockchain, typically ethereum, and each one has a unique signature that cannot be duplicated. In 2021 and 2022, the NFT market saw a huge bull run, at one point leading to $2.8 billion in monthly trading volume. During that time, popular collections such as Bored Apes and CryptoPunks were selling for millions of dollars, and celebrities such as Stephen Curry and Snoop Dogg participated in the hype. The boom coincided with cryptocurrency’s peak when bitcoin was trading close to $70,000. On Wednesday, the price of the crypto hovered just above $27,000. dappGambl’s study shows 79% of all NFT collections currently remain unsold, and the surplus of supply over demand has created a buyer’s market that isn’t doing anything to revive enthusiasm.
Categories: CryptoLeben (Life aka misc)