NFTs, those expensive digital artworks that celebs have both loved and lost, reach new lows in value as Web3 assets continue their catastrophic nosedive.
This will be the first month since June of 2016 that NFT sales won't reach $1 billion. The Bored Ape Yacht Club's blue chip collection has seen price floors fall by 30 percent or more in just 30 days.
The NFT market has fallen off the cliff this June, according to the head of research at Dapp Radar. While the market is mature, it is fair to say that in recent weeks investors were looking for safer places to put their money.
Yuga Labs, the owner of BAYC, filed a lawsuit against someone who was minting copies of its precious simians. The case has caused a lot of discussion, and has made people afraid of digital assets.
Despite the fact that the NFT JPG index is down by 70 percent since it was launched in April, some investors and analysts think that the industry is just going through some growing pains.
Many of the craziness was bled out of NFTs and they are going through a period of consolidation. I think they will survive, but on a more sensible basis than at the peak of the mania.
Brown could be correct. The crypto world is not doing as well as it could. It's not clear whether digital monkeys are headed for their doom or the industry is just in a winter.
NFTs have fallen off the cliff as sales sink to the lowest levels in a year.
There's more on web3 viability.
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