Remember the NFT craze a few months ago? Yeah, just like affordable gas prices and reliable flight schedules, it is long gone.
Nonfungible tokens used to be all the rage. You weren’t cool unless you invested a few months’ pay into some bored apes.
Well, let’s just say the market for NFTs has plummeted. How bad is it? Well, June appears to be on pace to be the first month since June of 2021 with under $1 billion in sales.
The world’s biggest marketplace is OpenSea, and according to Bloomberg, sales volume has fallen 75% since May!
What is the genesis of this phenomenon? Well, let’s start with inflation. Joe Biden’s administration has taken inflation numbers to Jimmy Carter territory, which is quite a feat, and it means savvy investors will put their money in safer places.
And you can file this under the “ironic’ section of today’s news; Bored & Hungry, a crypto-themed restaurant in the Los Angeles area, has announced that they will no longer be accepting crypto as a form of payment anymore.
The restaurant started in April with cups and trays adorned with Bored Ape NFT designs, according to pymnts.com. The owner, Andy Nguyen, said he paid more than $330K for the designs. Again, what’s ironic, or maybe tragic, is that customers really didn’t care about the unique designs and weren’t even using them.
According to reports, most customers that frequented the joint had little knowledge about crypto and only came to try the food.