The whiplash is not over.
Big Bounce Back
NFTs have regained their position at the top, despite a crash that was predictable following initial hype.
According to CNN, August saw a record $3.4 billion in sales of NFTs through OpenSea. OpenSea is an NFT selling and buying platform. With nearly $500 million in sales on Friday, September could be the second best-selling month.
NFT Influencers Surge
According to Danny Adkins (co-founder of MomentRanks NFT analytics platform), celebrity and influencer involvement can account for many of these sales. Steph Curry, for example, recently purchased a $180,000 NFT. He even changed his profile pic on Twitter to display his purchase of a picture showing a blue monkey wearing a tan suit (yes!).
Adkins stated to CNN that celebrities and athletes want to be seen, Adkins added.
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Is it a bubble?
NFTs may be a passing trend and will lead to Beanie Babies-esque heartbreak. It is still difficult to prove ownership of digital assets.
People are still buying pictures of bizarre whales and famous memes for huge amounts of money, but that's just the moment. Time will reveal if it is a wise investment or an insanely bad financial decision.
READ MORE: What are NFTs? They are back and they are big [CNN]
More NFTs: A 12-Year-Old Makes $400,000 Selling NFTs To Idiots
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