NFT sales volume plummets from recent highs. Is the hype over?

Only weeks ago, it seemed impossible for the digital art market to cool off. Throughout February, the non-fungible token (NFT) craze was in full spotlight, with the mania reaching its peak with the record-setting $69 million Beeple auctions. At its height, even Tesla’s CEO Elon Musk tweeted about selling his NFT.

But as the novelty began to wear off and speculators moved on, the NFT market has been in a continuous downtrend. Sales figures across online marketplaces for digital art and collectibles have dropped precipitously, potentially exposing the absence of organic demand in the NFT space.

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