Non-fungible tokens ( NFT ) have sold for millions and caught the attention of mainstream publications of New York Times at Vanity Fair .
Recently, however, token prices and trading volumes have declined, raising questions.There are estimates as to whether the NFT frenzy can be sustained, according to the website that tracks this corner of the cryptocurrency world.
Is an NFT market crash imminent?
"It almost seems that some are eagerly awaiting a market correction to finally prove that NFTs have just been in a bubble," according to a blog post on Nonfungible.com .
The slowdown could calm what some Experts have described it as an NFT Frenzy and bringing inflated values to more reasonable levels. After all, market stability is important to professional investors who see long term potential for NFTs .
This is not enough to call it an NFT market crash, however, Nonfungible.com for example, the current average price of an NFT is about 10 times what it was six months ago.
"La Rather, trend seems to show stabilization on a high plateau after a speculative peak, "according to the website. In other words, if there is an NFT bubble, it has not burst.
Jeff Dorman, chief investment officer of Arca, a cryptocurrency investment firm, wrote in a newsletter he sees new growth coming to the NFT space.
" NFTs will expand beyond current use cases such as collectibles, art and games into a more traditional use case, "wrote . "Companies and projects that facilitate the growth and commerce of NFTs could be big winners. The chart shows the weekly average price and volume for all NFTs. Source: Nonfungible.com