Peter Wood, the CEO of up-and-coming UK exchange CoinBurp, believes NFTs are caught in a bubble that will eventually pop. However, Wood says that much like cryptocurrencies consolidated through crypto winter to emerge stronger, so will NFTs after the pop.
Signs of Digital Art NFTs Cooling
Following the record-breaking $69.3mn sale of Beeple’s The First 5000 Days last month, the man himself warned that digital art NFTs are a bubble.
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“I absolutely think it’s a bubble, to be quite honest. I go back to the analogy of the beginning of the internet. There was a bubble. And the bubble burst.”
Last week, nonfungible.com released data showing a cooling of interest in the segment. The average daily volume of NFTs sold across marketplaces had fallen from $19.3mn to as low as $3mn on March 25.
Although the figures lack sufficient data points to draw any firm conclusions at this point, those who jumped in headfirst are left