The value of digital tokens or NFTs has dropped by almost 50 per cent, renewing doubts over the hype-fuelled market due to real-world conflict in Ukraine.
Everyone is talking about the famous online digital NFTs. If you haven’t already heard of the term, where have you been hiding? It is the talk of the town – well, more like the talk of the metaverse.
Digital items known as non-fungible tokens (NFTs) burst into mainstream culture last year.
By the end of 2021, Financial Times found that “nearly $ 41 billion had been spent on NFTs – making the market almost as valuable as the global art market.”
According to a Financial Times analysis of “OpenSea, the average price of a Bored Ape NFT has fallen 44 per cent since the war in Ukraine began as investors pull back from trading colourful cartoons.”
“There has been so much noise and scams in the NFT space; this crypto winter gives the sector time to build technology that works and educates,” said Fanny Lakoubay, a cryptocurrency art and NFT adviser. “This industry is still very much under construction.”
Most NFT investors and holders say, “don’t get too caught up in getting to the peaks and be mentally prepared for the valleys to come.”
Hundreds and thousands of predictions have been pouring in on the internet. Mainly speculation so far, but let’s hope the war ends soon.
The stock market is like a crazy rollercoaster flying up and then spiralling down.
You never know what might happen next. But all I’m saying is – be careful with your coins out there.