This column asked if we were about to enter an NFT downturn. It turned out that the answer was a huge yes.
We could see that the NFT hype is behind us. We looked at some of the same charts we looked at earlier this year, so we are going to take a closer look at them.
Since they can be sold by anyone across a number of platforms, the universe of non-fungible token is a fragmented one. OpenSea is one of the main NFT marketplaces and a startup that was valued at more than $10 billion earlier this year is a good proxy for how the market is doing.
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When we started using OpenSea as a reference, it was more important than it is today. Not all of the new players have the same roots as Open Sea.
The team of Joepegs said in a statement that their funds were transferred out of FTX prior to the recent bankruptcies.
The long-awaited NFT marketplace is finally here. It was off to a lackluster start, and data from Dune shows that trading volume on CoinbaseNFT is only a small fraction of Open Sea's.
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