Death of the NFT? CryptoPunk bought for $1 million sells for $139,000 just 6 months later

Has the market for rudimentary pixelated cartoon heads already peaked?

According to CryptoPunks Bot, a Twitter account that reports on the latest bids and sales, however, the NFT changed hands on Sunday for a price of just under $139,000 after having previously sold for $1.03 million in October. 

After a year of buzz in 2021, questions has recently surfaced regarding whether interest in NFTs is declining. According to a report published in the Wall Street Journal by NonFungible, the number of active wallets has dropped by 88 percent.

These worrying signs hasn’t stopped crypto exchanges like Coinbase and now Kraken from opening a platform for trading NFTs, however.

Promoters of NFTs do not attempt to appeal with the digital artwork alone, nor do they only rely on the fear of missing out (FOMO) by advertising the artificial scarcity of these collections. They also often claim that purchasing ownership grants the NFT holder rights to join an exclusive “Web3” community in the metaverse alongside A-listers like Snoop Dogg, Paris Hilton, Jimmy Kimmel, and Eminem.

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