Does anyone remember March 2021, when some technologists and artists were convinced that NFTs (non-fungible tokens) would change the world? Well hello, it's June 2021 and this bubble has burst.
Despite the very clear facts indicating that it was all "at best a scam and at worst an impending disaster", some people were easily seduced by the promise of making money on something, and, at a certain time, literally hundreds of millions of dollars in exchanged worldwide for unowned videos or COAs for JPG and GIF files.
However, this golden age is definitely behind us. A very comprehensive study by Protos shows the following figures:
The overall NFT market has experienced a "nearly 90 percent collapse" since its peak.
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Of course, this does not mean that any of the companies or big figures involved in NFT sales will disappear . There is a very significant chance that those who are most committed to the idea, those who most believe that this is indeed the future, will remain in this for a long time to come. For example, the team behind the NBA Top Shots has already experienced one NFT crash.
Be that as it may, the bubble has burst, and it will likely end the deeply dubious gold rush that has left sane artists and fans losing their heads in the pursuit of quick cash.