NFTs have dropped 90% since May. Is this goodbye?

NFT has been the buzzword of the blockchain space in recent months and has achieved celebrity status among artists and public figures looking to capitalize on the booming industry. However, since May 3, when NFT sales reached $102 million in a single day, the popularity of non-exchangeable tokens has dropped significantly. According to data from Protos, only $19.4 million of NFT sales were processed last week, with some suggesting that the NFT bubble has finally burst. Digital collectibles accounted for the bulk of sales, accounting for half of the current market, with total NFTs sold down nearly 90% from the May peak. At the height of the NFT boom, it saw crowds of celebrities and artists partner with NFT platforms like OpenSea, NBA Top Shot, and Nifty Gateway, with NFT sales reaching lucrative levels for some. Perhaps most famously, it was the sale of Beeple's First 5000 Days that caught mainstream attention. The sale of his NFT at prestigious art house Christie's attracted worldwide attention in March when his digital collage sold for $69 million. Since then, high-profile names like Eminem, Grimes, and even entire sports teams have created unique NFTs and reaped significant benefits from this phenomenon. While investors in the market may find the recent disclosures disturbing, critics of non-exchangeable tokens will be pleased that the boom in NFTs is seemingly coming to an end and its environmental impact is a major concern. Since the energy required to build NFTs is substantial, recent competition has spawned new NFT platforms built on Tezos that promise to be far more energy efficient than some of the most popular platforms built on the Ethereum network. Issues such as the environmental impact of NFTs and the idea that they are built on speculation have been factors in this decline in popularity. Or

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