The NFT Bubble Might Be Bursting Already
An anonymous reader quotes a report from CNN: Prices of NFTs, the digital certificates that have taken the art and collectibles world by storm this year, have plunged about 70% from their high point in February. The average price for an NFT on April 5 was about $1,256 -- down from more than $4.000 in late February, according to market research site NonFungible.com. Data from The Block, another crypto research firm, shows a similarly large decline for both prices and NFT sales as well. [T]he sharp, sudden rise in the value of NFTs and more recent pullback is reminding some of other similar historic market bubbles, such as tulip mania in the 1600s, the dot com/tech crash of 2000 and bank stocks and housing prices in 2008. NFTs may be here to stay, but they just may not be worth the staggering sums of money that some people have shelled out for them in the past few weeks.
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