DECRYPTION – After the speculative drift of some of the non-fungible tokens, supply and demand refocuses on the idea of ”utility”.
The bubble burst. The period of excessive prices reached by some non-fungible tokens (NFTs) until early 2022 seems to be well and truly over. Between the second and third quarter, the volumes sold in dollars fell 75%, according to the latest report from the analyst company NonFungible.com. Between July and September, the total amount reached $1.7 billion, compared to $10 billion in the first quarter. Based on slightly different coverage and data, Dune Analytics comes to the same conclusion: transaction values have fallen by 97% since January.
The buying frenzy that gripped NFT collectors in 2021 led to an influx of careless speculators and an influx of dubious and useless projects. The fall in the cryptocurrency market, the aversion to risky investments and the discovery of some dishonest practices in some trading platforms have scared users…
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