The dropping prices suggest the NFT craze is coming to an end as per the latest data that we have in our cryptocurrency news.
The 70% drop in the average price of NFT suggests that the crypto craze could be fizzling out with a similar speed as it did when it took over the world by a storm, according to Bloomberg experts. According to the data provided by Nonfungible.com, the platform responsible for monitoring various NFT marketplaces, the average prices of crypto-collectibles hit around $4300 but the market cooled down ever since with the median price dropping to $1400.
The all-time high coincided with the record-breaking sale of the Beeple NFT art dubbed “Everydays: The First 5000 Days” which was worth over $69 million. Right, the average price of NFTs dropped to as low as $650 but it surged again briefly to $3600 a few weeks ago. Some experts argued that despite the price fluctuations, it’s not really fair to call the NFT market a “Bubble.” Chris Wilmer who is an academic at the University of Pittsburgh said:
“It’s not meaningful to characterize a concept as a financial bubble. NFTs aren’t in a bubble any more than ‘cryptocurrency’ is a bubble. There will be manias and irrational exuberance, but cryptocurrency is clearly here to stay with us for the long term and NFTs probably are too.”
The huge price of Beeple’s NFT made it the third most expensive piece of art sold by a living artist behind David Hockney and Jeff Koons. Hockeny revealed that he isn’t a fan of digital art calling them a tool for “international crooks and swindlers.” In 2018, Hockney sold his physical painting named “Portrait of an Artist” for $90.3 million via a Christie’s auction which is the same auction house that sold Beeple’s art. During the “Waldy and Bendy’s Adventures in Art” podcast, Hockeny said that NFTs can be lost and cannot be compared to actual physical objects:
“Things can get lost in the computer, can’t they? And they will be, in the future, lost in the computer, even when the cloud gets going. There’s going to be so much on it, how will you find it?”
The dropping prices however suggest that the craze is coming to an end while other startups are announcing the launch of platforms dedicated to NFTs.
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