A year ago, NFT auctions were breaking new records, with art, memorabilia, and other digital collectibles reaching eye-watering sums at auction. A prolonged bear market gripped digital assets not long after, NFTs included. Even Bitcoin (BTC-USD) is down 57% this year. Nonetheless, the NFT market is still relevant, as big companies are making moves in the space. The valuations of most NFTs have dropped significantly since their issuance, while NFT trading volume has shrunk by as much as 97% since its all-time highs reached back in January. According to figures collected by Galaxy Digital, venture capital investment has also cooled to $5.5 billion in the third quarter from more than $8.
