The fever-pitch euphoria of nonfungible tokens (NFT) reached its proverbial all-time highs in the hours preceding the calamitous gas wars of the Otherside metaverse land sale.
But by most reputable accounts, following almost a year of frantic exponential growth, rife speculation and cultural spotlighting, the market was long overdue a respite. A hiatus from minting drama. It has now subsided and officially entered its inaugural bearish cycle.
Statistical data from OpenSea paints a sorrowful assessment of the market’s financial fortunes, with the floor prices of some highly popular collections more than halving since peak highs.
The eminent Bored Ape Yacht Club is down from its peak floor price of 156 Ether (ETH) from the beginning of May to 98.8 ETH at the time of writing. Similarly, CryptoPunks dropped from 125 ETH on Oct 2 to its current value of 50 ETH.
Other profile picture projects (PFP) such as RTFKT Studios’ CloneX, Azuki, Doodles, and even metaverse lands The Sandbox and Decentraland have all suffered similar fates.
The highly revered Cool Cats and World of Women — which just six months ago were categorized as blue-chips for their innovative approach to intellectual…