By Greg Barker writing for The Post
There's been a 36,900% increase in sales in the emerging marketplace of ‘digital art’, also known as NFTs, or non-fungible tokens. NFTs are defined as ‘assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
The NFT space is attractive to many because of its lack of government regulation. As a result, it has become ripe with deception and fraud. A study published by nature found that the top ten percent of traders account for nearly 90 percent of all transactions, this group trades 97 percent of all NFTs at least once, and the greatest predictor of any NFT’s value isn’t its appearance but its previous price points.
From the article,
Worse, since the start of this year, the NFT bubble has slowly been deflating. As Fortune reported earlier this month, which is still holding true today, the average sale price of an NFT hovers near $2,000 compared to over $6,800 at the start of this January. That’s roughly a 44% drop in price, according to data from the NFT tracking service, NonFungible.