The start of 2021 was marked by the boom in the NFT market, these non-fungible tokens that certify the authenticity of a digital work.
Several digital works of art have thus been sold for thousands or even millions of euros, pushing many speculators to invest in this new market.
Alas, just a few months later, the NFT madness seems to have passed.
The latest market figures revealed by Protos indeed show that the golden age of NFTs is already over.
At the beginning of May, the market still reached the 100 million dollars spent in a single day.
A month later, it was only generating $ 19.4 million in one week.
The NFT market has lost almost 90% of its value in just one month.
Additionally, the number of NFT virtual wallets has fallen in the past few weeks, since the May 3 peak.
At its highest, there were more than 12,000.
Today, there are only 3,900.
Investors on the lookout for markets to invest in seem to have lost interest in NFTs.
A simple break before the resumption?
However, in recent months, several brands, artists and business leaders have let themselves be carried away by the NFT madness, offering certificates of authenticity for sale for many of their works and products in digital format. The sale of a digital work by artist Beeple for $ 69 million, as well as other works for such crazy sums, has helped to popularize this type of market, but also to speculation, raising the stakes to the top. when the bubble bursts.
However, if the market is falling, that does not mean that it will disappear.
Digital art existed long before NFTs and the market explosion and will continue to live after the bubble burst.
Art collectors will always be there and companies that have entered the market with their own NFTs should continue to offer them for sale, but this should be done at more reasonable prices.
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