NFT sales are dropping but believers still see a future for digital collectibles
Summary
NFTs are a type of digital asset designed to show someone has ownership of a unique virtual item, such as online pictures and videos or even sports trading cards. In March, South Carolina-based graphic designer Beeple, whose real name is Mike Winkelmann, sold an NFT for a record $69 million at a Christies auction. One of the main reasons for the sharp drop in the NFT market was a sudden rise and fall in sales of new crypto collectible items called MeeBits — made by the creators of CryptoPunks — according to Gauthier Zuppinger, chief operating officer of Nonfungible. "High-profile NFTs selling for millions of dollars was a sure sign that the market was treating them as speculative assets," Nadya Ivanova, chief operating officer of LAtelier, a research firm affiliated with BNP Paribas, told CNBC. Its worth noting theres been talk of augmented and virtual reality taking off in the tech industry for years, with companies from Facebook to Microsoft making big bets in the space.