Worldwide Web NFT sells for $ 5.4 million

However, the NFT’s highly speculative market has also cooled in recent months.

On May 9, the price of Ethereum, a cryptocurrency with a fixed NFT value, soared to $ 3,883. This is more than five times the price at the beginning of the year. At that point, NFT’s weekly completed sales on the Ethereum blockchain dedicated marketplace (not including Christie’s and Sotheby’s auctions) reached a high of $ 176 million., A graph of NFT market performance.

By May 20, weekly NFT sales fell 89% to $ 19.2 million, flat below $ 20 million, according to the database. Ethereum prices also fell, falling below $ 1,800 in June.

This fix in NFT sales, or “Stabilization phenomenon “ As The blog liked to call it, in part Swoop In Ethereum price Not only the old, always irrational cycle Boom and bust..

“The situation has settled down,” he said.NFT Art Market Report ” Published in May by London-based art market analysis company Art Tactic.

“The NFT market has reached such a high level that people have begun to wonder where it is worth,” Petterson said. “It’s saturated. There’s a large supply of new artists and there’s no qualitative benchmark. It’s difficult if you can’t explain the value beyond the fact that people are buying it. “

However, top-end traditional auction houses with formidable global marketing machines continue to set NFT one-off benchmarks. In June, when the Nifty’s specialist marketplace seemed to be still sluggish, Sotheby’s sold the rare “alien” Crypto Punk as a record. $ 11.8 million, The second highest price ever achieved in individual NFTs.

However, book dealer Norman was skeptical that Berners-Lee NFT would surge in demand for non-fungible tokens in computer code.

“There is a real question of how many people are interested in digital collection,” Norman said. “The amount of digital information generated is immeasurable. Anyone with a computer produces something. How important is that?”

Worldwide Web NFT sells for $ 5.4 million

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