Nonfungible tokens (NFTs) took the world by storm in March and April of this year with an onslaught of daily headlines about record-breaking sales and big-name companies dropping their own one-of-a-kind digital art pieces dominating the mainstream media.
Fast forward a few months and the narrative has shifted to the ‘NFT bubble’ popping and doom and gloomers warning that NFT investors are on the verge of losing all of their money.
NFT market 1-year history. Source: NonFungible
The rapidly declining prices and activity on the top NFT marketplaces have prompted many to speculate on the death of the nonfungible token space despite the well-known cyclical nature of the crypto market that can spring back to life at the drop of a hat.
You knew this was coming, right?
NFTs Are Dead
— Jonathan Mann (@songadaymann) June 4, 2021Active users jump ship
Active users are the lifeblood of NFT marketplaces, but the choppy nature of the