The ongoing NFT boom: Can supply of nonfungibles outweigh demand?

The ongoing NFT boom: Can supply of nonfungibles outweigh demand?

Nonfungible tokens, or NFTs, have taken the cryptocurrency sector by storm in 2021. The growing interest in these digital collectibles resulted in record-breaking trading volumes during the month of August, with individual NFT sales exceeding more than $1 million dollars on a regular basis. 

Yet with so many NFTs currently on the market, it can be difficult to determine which one-of-a-kind collectibles are worth the high prices. It’s also important to point out that although NFTs are going mainstream, they are directly tied to the cryptocurrency ecosystem and, therefore, are prone to market volatility.

For instance, data shows that the total volume of NFTs traded on leading marketplaces declined at the beginning of September, around the same time Bitcoin (BTCdropped below the $43,000 mark.

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Uncovering the value behind highly sought-after NFTs

Although NFT trading volume has continued to deflate this month, highly sought-after projects such as CryptoPunks and EtherRocks are still seeing high-priced sales. While these were both some of the first pieces of art to

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