NFT Sales Are Flatlining. Sales drop a 92%. Is this the beginning of the end of NFTs?

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The NFT market is collapsing.

The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.

The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November. NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.

Rising interest rates have crushed risky bets across the financial markets—and NFTs are among the most speculative.

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www.wsj.com/articles/nft-sales-are-flatlining-11651552616

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