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According to Bloomberg, NFTs fever may be nearing the end

Bloomberg researchers Joanna Ossinger and Sunil Jagtiani said in a recent report that the “NFTs fever” may be nearing an end.

This reason why is because according to a survey, the average prices of non-fungible tokens have plummeted for several consecutive weeks. More precisely, the average price of NFT has fallen 70% from its top. The average price has dropped to $1,400 after a significant free fall in recent weeks.

On February 22, the average price of an NFT offered in public markets exceeded $4,000, according to Nonfungible.com, which tracks the NFT market.

NFTS (image: BBC)

The last increase of this metric was registered on March 11, when this indicator was above $3,600. This peak coincided with the purchase of a digital art by the artist known as Beeple for $69 million. The buyer was MetaKovan, the founder of the Metapurse NFT fund.

As Bloomberg pointed out, after the sale, some analysts indicated that the sum showed that NFTs were in the “clutches of excess investors”. Therefore, the market would be destined to fail.

On the other hand, there were those who claimed that the use of blockchain to create scarcity of digital collectibles is a lasting innovation.

Read more about NFTs and how they work.

With informations: Bloomberg

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