NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus.
A year ago, Daniel Maegaard, one of the higher-profile collectors of nonfungible tokens, was spending tens of thousands of dollars on CryptoPunks featuring funky-looking people or apes. In the last few months, he's been buying NFTs that typically sell for less than $2,000.
The shift is indicative of the metamorphosis taking place in the market for the once-coveted digital images promoted by the likes of Justin Bieber and Madonna. NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus, leaving the sector mostly to the dedicated long-term believers in the various potential use cases, and collectors betting that the plunge in prices will rekindle speculative demand.
“There's more upside potential compared to other NFT projects with much higher market capitalizations,” said the 32-year-old Maegaard, who began investing in NFTs connected to...
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