The non-fungible token market has seen an incredible growth in recent years, attracting investors and artists to the space to create and trade digital assets. Nonetheless, the NFT market has plunged in recent weeks, leaving many NFTs shielding more than 70% in their floor prices. Below we will look in-depth at whether NFTs are really dying or they are just taking a breather:<\/p>\n
Non-fungible tokens came into the spotlight sometime in 2021, creating a massive frenzy and interest among crypto traders and investors. At the time, the nascent NFT sector attracted most institutions, businesses, and celebrity investors, including Cristiano Ronaldo and Paris Hilton.<\/p>\n
The NFT mania reached its peak season when an NFT of former Twitter boss Jack Dorsey’s first tweet sold for $2.9 million. The tweet “Just setting up my twttr” — which Dorsey posted in March 2006 — was purchased by Malaysia-based entrepreneur Sina Estavi on the Valuables platform.<\/p>\n
In August 2021, Ringers #879<\/a> became one of the top most expensive NFTs ever sold at 1,800 ETH ($5.9 million) before recently reselling at $6.2 million<\/a>. In 2022, Bored Aped Yacht Club and CryptoPunks NFTs gained traction in the NFT market, also becoming one of the most traded expensive NFTs. Certain bored Ape NFT collections even sold for over $3 million.<\/p>\n Earlier this year, NFTs retested another market hype before being taken down by the meme coins mania. Memecoins are crypto tokens, sometimes depicted with comical or animated memes, which are supported by enthusiastic online. The meme coins are popularly known in the market as shitcoins.<\/p>\n Since most meme coins do not have intrinsic value in terms of utility, the memecoin season did not last for long. In the second quarter of this year, the non-fungible token had taken back market dominance, with Bitcoin ordinals becoming one of the most traded NFTs. Bitcoin NFTs have inspired the evolution of Ethscriptions, another type of NFTs hosted on the Ethereum network.<\/p>\n A SHORT CLIP: What is a protocol?<\/p>\n From July 5 Spaces, edit by @_mackinac<\/a> pic.twitter.com\/bq9YPIXRGM<\/a><\/p>\n — Middlemarch.eth (@dumbnamenumbers) July 15, 2023<\/a><\/p><\/blockquote>\nThe NFT Recession<\/h2>\n
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