NFT sales hit their peak in August 2021, when U.S. NFT collectors spent more than $248 million in one day. Now, nearly a year later, we are witnessing the implosion of an over-inflated area of tech that gobbled up cash without ever establishing usefulness.
Talkshow host Jimmy Fallon, TV celebrity and NBA owner Mark Cuban, YouTuber Logan Paul and others also bought nonfungible tokens from the Bored Ape Yacht Club collection.
The website nftpricefloor.com tracks the lowest prices that 380 different series of NFTs have sold for, a metric called the price floor. Whether the economy sinks into a recession or deftly ekes out an escape, we must learn from what has happened with NFTs, say analysts, economists and tech workers, some of whom have lost their jobs during the decline of NFTs, cryptocurrency and tech stocks.
Yet Coinbase, the decentralized cryptocurrency company that has executive offices in San Francisco, held a three-day event in a trendy Manhattan event space in late June celebrating NFTs. Even in the audacious world of cryptocurrency, that took chutzpah. “It was delivered too late, a year after NFTs’ peak, and people weren’t interested anymore,” says a Coinbase employee who asked to remain anonymous, but whose employment was verified on the social network Blind, which requires a work email address to register. Coinbase executives from the previous generation of tech companies like Facebook and Netflix didn’t understand the market, the employee said.
Yet many believe NFTs do have a future. The big losses have come from series of digital art like the Bored Ape collection, which could be used as social media profile pictures but served no real purpose other than being a status symbol.
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