NFT Market Crashes 95% From 2021 Peak as Developers Pivot to Gaming Utility

NFT values have plummeted, with 95% of collections now worthless. Bored Ape values down over 80% from peak.

NFT utility and use cases needed beyond just digital art collecting to sustain values. Gaming seen as more promising use case.

Market crashed from 2021 crypto hype. Now in "what went right, what wrong" building phase.

Yuga Labs, creator of Bored Apes, is restructuring after hype crash.

Developers focused on NFT gaming utility as path forward, with virtual assets, avatars, characters. Japan still sees strong NFT interest.