From Nasdaq.: 2024-04-20 16:00:17

Non-fungible tokens (NFTs) were at their peak hype a few years ago, attracting massive amounts of money. The top NFT sales in 2021 included auctioning Beeple’s collage NFT for $69.34 million and a two-lot Bored Ape Yacht Club auction that realized $26.2 million.

Trading volumes of NFTs plummeted by 97% in September 2022 from the record high of $17 billion in January 2022. Despite lagging sales, a CryptoPunk NFT sold for $16 million in March, potentially signaling an NFT revival.

Experts note a resurgence of NFTs in 2024 with a focus on real-world applications in gaming, real estate, and digital identity. They highlight the utility and potential sustainable investment opportunities of NFTs beyond speculative hype. Diverse applications, proof of ownership, and accessibility are cited as pros of investing in NFTs.

While some experts believe in a full NFT comeback with new technologies transforming the market, critics argue that NFTs have never been viable investments, serving primarily as vehicles for speculation. The distinction between speculation and investing is emphasized to navigate the risks associated with NFTs.

Read more at Nasdaq: Are NFTs Still Viable Investments In 2024?