Here's a surprise: NFT mania has collapsed NINETY-SEVEN PERCENT since January high

[thewayne]

Bloomberg is reporting this as being part of the cryptocurrency $2billion freefall.

Yes, I would like to pay an outrageous amount of money for a digital receipt, thank you. May I have some more and how do I subscribe to your newsletter?

It ain't over yet, there was still almost half a billion in trades this month.

The Bloomberg article is semi-paywalled, they give you X number of free articles per month.

https://www.bloomberg.com/news/articles/2022-09-28/nft-volumes-tumble-97-from-2022-highs-as-frenzy-fades-chart

https://tech.slashdot.org/story/22/09/28/1427248/nft-trading-volumes-collapse-97-from-january-peak

Comments

[disneydream06]

I have never understood cryptocurrency. :o :o :o
Some times it pays to be old. LOL!!!!!!!!!!!!!
Hugs, Jon

[thewayne]

Cryptocurrency's biggest uses are trying to buy drugs anonymously online and paying ransomware fees.  That's about it.  It hasn't been found to be tremendously useful for many other uses.

[disneydream06]

UGH!!!!!!!!!!!!!!!!

[kathmandu]

I'm kind of surprised it's taking this long to collapse, except then I remember the great stock crash that started in 1929 took four years to hit bottom.

[thewayne]

Bitcoin really got up there in value, it's going to take a long time to drop.  Many other cryptocurrencies have already fallen to nil.

[silveradept]

I'm not surprised at all that NFTs have suddenly stopped being popular things, given what they were to start with. I'm a bit surprised that it took this long for that particular bubble to burst, but I suppose that Barnum's suckers are minted now, rather than born, so it takes a little longer and a lot more resources to bring them to bear.

[felisdemens]

Oh, good lord.