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The NFT Boom Has Gone Bust but Will It Bounce Back?

The NFT Boom Has Gone Bust but Will It Bounce Back
  • A few months back, non-fungible tokens (NFTs) were the latest craze of the payments industry.
  • However, it was short as the value of NFTs fell about 90% over the last month

A few months back, non-fungible tokens (NFTs) were the latest craze sweeping the payments industry. They were on almost everyone’s lips.

It attracted many celebrities like Snoop Dogg, Lyndsay Lohan, Jack Dorsey, and more. What is more, Jack Dorsey sold off his first-ever tweet for $2.5 million. Also, Lindsay Lohan has launched her NFT on a TRON-based decentralized marketplace on March 20, 2021.

Non-fungibility, the term that gives NFTs such an alien sound, means that each NFT is unique, with its own, irreplicable digital signature. Besides, it was trending the last few months but went bust recently.

In early March, a digital piece of artwork was sold for around $70 million. It was the first-ever sale by a major seller for painting that does not exist in any physical form.

Moreover, the artwork was for Beeple. Further, the deal shocked the world in March when he sold his collage “Everyday’s” at Christie’s for $69 million.

On May 3, NFTs hit their top with $102 million in transactions in a single day. The 7-day periods surrounding the peak brought in $170 million in transactions. However, it was short as the value of NFTs fell about 60% over the last month.

The NFT boom has gone bust for now but will NFT bounce back? A tricky question to answer, but we can’t help but be excited to see the next investment opportunity in the industry.

Recently, NEFTiPEDiA, a non-fungible token (NFT) marketplace, claims to launch the next generation of decentralized NFTs. The platform strives to be the first truly community-run NFT marketplace. Also, it claims to become a diverse, eccentric, one-of-a-kind platform.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.