The broader cryptocurrency market has seen a significant amount of hype this year, but the non-fungible trading sector has been struggling to keep up.
Despite some positive developments, such as the Adidas partnership with Stepn and the upcoming release of the Pudgy Penguins game, which sold one million units in under a year, NFTs have received mainly negative attention.
The negative attention primarily focuses on declining valuations and low activity within the NFT space. For instance, the Coachella NFT VIP passes failed to attract buyers, and Starbucks ended its Odyssey Beta NFT program.
Moreover, NFTs such as the Bored Ape, previously owned by Kevin Hart, sold for a significantly lower price than what he had paid, and the trading volume for Donald Trump’s original NFT collection dropped ahead of his criminal trial.
