A year on from when a single non-fungible token sold for $69.3 million in crypto at Christie's auction house, the weird and wild NFT market is showing some signs of slowing down
Prices can drop dramatically after an initial surge, in a highly volatile market where the value of an asset depends on its social status.
Nima Sagharchi, head of digital assets at auction house Bonhams, said that in contrast to the traditional art world, the NFT market can see-saw between bull and bear cycles within as little as a week. An NFT representing a piece of computer-generated abstract images from a collection called Art Blocks would sell for around $15,000 on average at a peak in September 2021, but fetched just under $4,200 last month, according to CryptoSlam.
Meanwhile, Bored Ape Yacht Club NFTs - a set of 10,000 variations on a cartoon primate - still sell for around $300,000 on average.Buying a Bored Ape - as celebrities including Madonna and Paris Hilton have done - can be considered akin to joining a cross between a members' club and an investment scheme. Buyers often advertise their membership by setting their NFT as their profile picture on social media.
A cryptocurrency called ApeCoin was launched last month, given initially to holders of Bored Ape NFTs as well as the project's founders. Its market cap is already $3.4 billion, according to Coinbase data.post that expectations for this token encouraged him to spend around $400,000 worth of the cryptocurrency ether on a Bored Ape NFT.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author.
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