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NFT prices may fall after touching the sky, know what experts said…

A year later, when a non-fungible token in crypto was sold for $69.3 million (about Rs 479 crore) at Christie’s auction house. The surprise of the NFT market is when you notice that a digital file bought for billions of rupees can be viewed online for free by anyone. This market is seeing tremendous momentum, according to experts, it may fall down soon. Experts have estimated this from NFT sales, where the sale of non-fungible tokens has also seen a sharp decline with the passing of the month.

News agency Reuters cited OpenSea, the largest NFT marketplace Told It is reported that NFT sales reached nearly $5 billion (about Rs 42,598 crore) in January, a huge jump from $8 million a year ago. But last month, sales dropped to around $2.5 billion. This is certainly a huge drop, which shows that the market is no longer interested in NFTs as much as before. Market Tracker of CryptoSlam accordingOf course, about 635,000 people bought NFTs last month for an average of $427, up from $659 with about 948,000 people in January.

The report states that Pablo Rodriguez-Fraile, a Miami-based digital art collector, said, “Obviously the enthusiasm and interest we had last year is no longer there.” He goes on to say that “I think we achieved something that was not sustainable.” However, he also clarified that there has been a slight increase in sales in the last few weeks.

Modesta Masoit, director of finance and analytics at NFT research firm DappRadar, said the market was not in a downtrend, but was consolidating its position following its tremendous growth. He believes that investor caution after Russia’s attack on Ukraine in late February could lead to a fall in sales.

The report says that prices can drop dramatically after the initial surge, in highly volatile markets where the value of an asset depends on its social status.

Nima Sagarchi, Head of Digital Assets at auction house Bonhams said that unlike the traditional art world, the NFT market can get caught between a bull and a bear cycle within a week.

His point can be proved by a recent NFT sale where, according to CryptoSlam, a computer-generated collection called Art Block sold for an average of around $15,000 (around Rs 11.41 lakh) in September 2021 but last month for $4,200 (approximately Rs. 3.2 lakh).

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