The bubble has burst. The era of excessive prices experienced by some non-fungible tokens (NFTs) until the beginning of 2022 seems to be over. Dollar volumes fell 75% between the second and third quarters, according to a recent report from analyst firm NonFungible.com. In the period from July to September, the total volume reached 1.7 billion dollars, compared to 10 billion dollars in the first quarter. Based on a slightly different framework and data, Dune Analytics comes to a similar conclusion. since January, transaction amounts have decreased by 97%.
The buying frenzy that gripped NFT collectors in 2021 led to an influx of unwary speculators and a proliferation of dubious and worthless projects. The fall in the cryptocurrency market, the aversion to risky investments and the exposure of certain dishonest practices by several trading platforms have scared users…
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.