NFT Market Crashes Down From Early 2022 Peak as Crypto Winter Sets In
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NFT sales and prices have crashed from their peak in early 2022. Trading volume is down 89% and top collections like Bored Ape Yacht Club have lost most of their value.
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The downturn is attributed to the crypto winter where coins like Bitcoin and Ethereum have also crashed and stagnated. NFTs rely on crypto wealth.
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Some opportunistic buyers are happy that prices have fallen, allowing them to buy NFTs for bargain prices. They believe the market will recover again.
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NFT creators and sellers have been impacted with some returning to day jobs. But new utility like royalties helps sustain some projects.
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Experts think the NFT frenzy is over but some see potential for mainstream adoption if the market can innovate past speculation.