While NFTs and Crypto prices have plummeted, this presents an opportunity to consolidate and reach greater heights in the future.
The post Part of the Cycle: NFTs, Cryptocurrencies Can Still Hang On appeared first on LUXUO.

Without a doubt, the past two years have been a rewarding period for those who have ventured into the Nonfungible tokens (NFTs) space. Trading in this new asset reached a peak of US$40 billion last year and its 2022 figures so far have already broken that record at more than US$42 billion, according to crypto research firm Chainanalysis.

For those unsure of this nascent asset class, NFTs are tradable digital assets coded on the blockchain, Ethereum, and can take up forms such as works of art, videos or images. The term made its way into mainstream consciousness last year and has since caught the attention of seasoned and casual investors. 
CryptoPunk

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One of the most talked about sales was a collage by digital artist Beeple, which had been sold for a record US$69 million at a Christie?s auction. Other notable transactions include collections from Bored Ape Yacht Club (BAYC) and CryptoPunks, both lured massive followings from celebrities and KOLs.

Despite gaining clout through media representation and endorsements, NFTs and the broader cryptocurrency have come under pressure amid volatility in the wider stock markets where sentiments are bearish. Ris...