DECRYPTION – After the speculative drift of some of the non-fungible tokens, supply and demand are refocusing on the notion of “utility”.
The bubble has burst. The era of exorbitant prices that some non-fungible tokens (NFTs) reached until early 2022 seems to be over. Between the second and third quarters, dollar-traded volumes fell 75%, according to the latest report from analyst firm NonFungible.com. Between July and September, total volume reached $1.7 billion, compared to $10 billion in the first quarter. Based on a slightly different scope and data, Dune Analytics comes to a similar conclusion: transaction amounts have dropped by 97% since January.
The buying spree that gripped NFT collectors in 2021 had led to an influx of careless speculators and the proliferation of questionable and worthless projects. The collapse of the cryptocurrency market, the aversion to risky investments and the discovery of certain unfair practices by some buy-sell platforms have driven users away…
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