The eye-popping auction figures that characterized the Non-fungible tokens (NFTs) frenzy in 2021 raised newfound awareness of the crypto ecosystem, encouraging adoption and, consequently, speculation. Yet, after the tremendous run-up, 2022 has seen favor turn to ridicule for NFTs and other cryptocurrencies such as Bitcoin (BTC-USD). The landslide that began with the Terra catastrophe in May wreaked havoc across the spectrum, with NFTs emerging as one of the worst-hit crypto segments. Recent reports indicate that the value of most NFTs has dropped significantly over the past few months while NFT trading volumes have dried up.
