The market for non-fungible tokens has fallen, along with the declines in crypto. NFT sales fell to 25,000 last week, an 80% drop from the peak last fall. Now Morgan Stanley’s warning more pain may be in store for investors of digital assets.
What we’re seeing in this market right now with NFTs is all of these small projects, ones that don’t have a very strong roadmap, and I would say direction, just completely get obliterated. And we’re seeing a consolidation into the really well-known big brand names, like Bored Ape Yacht Club, Doodles, et cetera.