Is there still hope for NFTs? Study shows there’s still potential
Knight Frank said transactions hit US$4.7b in the first quarter of 2023.
The future of non-fungible tokens in the asset market may be uncertain after crypto assets remain volatile but Knight Frank experts said there is still something to be said for the broader art world’s confidence in the utility and reach of NFTs.
In a statement, Knight Frank said they produced by well-regarded digital and generative artists are still selling for decent sums of money.
Transactions reached US$4.7b in the first quarter of 2023, compared to just US$1.9b in the previous three months, according to sector analyst DappRadar.
However, this was still a long way off the US$12.6b scored in the first quarter of 2022.
Even the million-dollar-plus prices regularly paid for single Bored Ape Yacht Club editions by celebrities such as Justin Bieber seem a distant memory.
“But NFTs produced by well-regarded digital and generative artists are still selling for decent sums of money,” said Knight Frank.