Wall Street

Cryptoverse: The bonfire of the NFTs

Published by
Reuters UK

By Elizabeth Howcroft (Reuters) – The NFT dream isn’t dead, but it’s taken a big non-fungible beating. The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it’s looking ugly. Monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million in June, down from $2.6 billion in May and a far cry from January’s peak of nearly $5 billion. By late June the average NFT sale sunk to $412, from $1,754 at the end of April, according to NonFungible.com, which tracks sal…

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