This weird and wild market is showing some signs of slowing down
A year on from when a single non-fungible token sold for $69.3 million in crypto at Christie’s auction house, with the buyer paying to be recorded on blockchain as the owner of a digital file that anyone can see online for free, this weird and wild market is showing some signs of slowing down.
Companies nonethless continue to pile into the fashionable “metaverse”, where digital assets like virtual land and clothing for avatars can be bought for cryptocurrency as NFTs. JPMorgan and HSBC are among businesses that have opened virtual venues in NFT-based worlds this year, while YouTube and Instagram also have NFT plans.
Overall NFT sales have totalled about $11.8 billion so far in 2022, according to DappRadar, excluding $19.3 billion worth of sales from a platform suspected to be dominated by irregular trades, where a small number of accounts trade items back and forth for inflated prices.Prices can drop dramatically after an initial surge, in a highly volatile market where the value of an asset depends on its social status.
Meanwhile, Bored Ape Yacht Club NFTs - a set of 10,000 variations on a cartoon primate - still sell for around $300,000 on average.
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