But the highly speculative market for NFTs has also cooled off in recent months.
On May 9, the price of Ether, the cryptocurrency for which NFTs are valued, soared more than five times its price at the beginning of the year to $3,883. Coindesk.com. At the time, weekly full sales of NFTs in dedicated markets on the Ethereum blockchain (which does not include the auctions at Christie’s and Sotheby’s) reached an all-time high of $176 million, said irreplaceable.com, which charts the performance of the NFT market.
According to the database, as of May 20, weekly NFT sales had fallen to $19.2 million, a decline of 89 percent, to less than $20 million. Ether price also declined below $1,800 in June.
This improvement in NFT sales, or “stabilization event. In form of irreplaceable.com The blog liked to call it, part of it was steep fall The age-old, forever irrational cycle of the ether price as well boom and bust.
“Things have settled down,” said Anders Petersen, “co-author of”nft art market report Published in May by Arttactic, a London-based art market analysis company.
“The NFT market reached such highs that people began to question where the value was,” said Mr. Petersen. “It got saturated. There was a huge supply of new casters, and we don’t have a qualitative benchmark. If you can’t explain the value beyond the fact that people are buying it, it gets difficult.”
But top-end traditional auction houses, with their formidable global marketing machines, continue to set a one-sided benchmark for NFTs. In June, when the specialist market for “nifties” was still bearish, Sotheby’s sold a rare “alien” cryptopunk for a record $11.8 million, the second highest price ever for an individual NFT.
But book dealer Mr. Norman suspected that the Berners-Lee NFT computer code would increase demand for nonfungibles.
“There is a real question of how interested people will be in digital collections,” Mr Norman said. “The amount of digital information being generated is unimaginably huge. Everyone with a computer produces something or the other. How much does it matter?”