But by the end of it, more than $40 billion had been spent on blockchain-recorded digital assets and artwork. That made the sector almost as valuable as the global art market itself. The last few years saw luxury brands such as Prada, Gucci, and Dolce & Gabbana launching their NFTs. However, just two years down the line there is a significant drop in the volumes. Data compiled by DaapRaddar shows that between 2022 and 2023, trading volume has reduced half from $24.8.bn to $12.6bn.
This resulted in many marketplaces folding up. This includes the likes of Recur, Tencent News, Acqua, Versum (Tezos), Quix and back home Wazir X. The homegrown Rario, a Polygon-based platform issuing cricketrelated NFTs, also saw its losses widening in 2023 and founders leaving the firm within two years of its launch. The downward movement continues in 2024. Recently, GameStop shut down its NFT marketplace,and X, formerly known as Twitter, removed all references and options for owning NFTs as an account avatar.
For the unversed, NFTs are short for "non-fungible token", and are used to indicate ownership or another usage right of an asset -- usually a digital asset such as a piece of art, musical composition, or an item within a video game. These tokens are built and managed on a blockchain, the same digital ledger technology system utilised by Bitcoin and other types of cryptocurrencies.
FACTORS FOR THEIR DIPPING VOLUMES
This story is from the February 2024 edition of Entrepreneur magazine.
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This story is from the February 2024 edition of Entrepreneur magazine.
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