6 NFTs worth much less in October 2023 than in 2022 (Part 1)
- NFT’s took the investing world by storm in 2021 and 2022.
- But this year has been a different story, as the bottom has dropped out of much of the NFT market.
- Find out which NFTs have taken the biggest pounding.
NFTs, or non-fungible tokens, took the digital world by storm. These unique digital representations of art or collectibles are linked to a blockchain, typically Ethereum, and each carries a one-of-a-kind signature that cannot be duplicated, guaranteeing its authenticity.
But one of the defining features of NFTs is their incredible volatility. In 2021-2022, the NFT market experienced a meteoric rise, with monthly trading volumes reaching an astonishing $2.8 billion. However, more recently, up to 95% of NFTs from that period have seen their value plummet, leaving many to wonder whether they are now “worthless.”
That said, whether they are worthless or not is a highly speculative game. Some major institutions say this may be an excellent time to buy. Additionally, a reduction in value doesn’t necessarily equate to a loss of investment for holders — as some were originally acquired for free or with minimum investment.
