The NFT mania that had gripped the market weeks ago seems to have fizzled out. The market has been in decline and is currently down by over 70%. The latest indicator that the bubble has burst is the failure of YouTuber cum boxer Jake Paul to raise the amount he wanted for his NBA-star Robinson knockout. Jake had hoped to sell it as an NFT for $10 million but has so far fallen short.
The excitement that characterized this market weeks ago is gone, and the highest bid he has received is worth $10,455. This is despite the window for people to meet his bid closing fast. It comes to an end on the 17th of April.
Signs of the NFT bubble burst are evident in the sentiments of those who have profited immensely from the craze. One such person is Mike Winkelmann, a.k.a Beeple, who sold a digital artwork for $69 million. Commenting on the whole thing, Beeple stated that he believes NFTs are in a bubble. He used the analogy of the internet bubble and burst to describe the recent craze around the collectible crypto assets.
It will be interesting to see how the space shapes up going forward now that there are indications that the bubble might be over.