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NFTs: Is the bubble bursting?

March 30, 2022
RAFAEL HENRIQUE/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES
RAFAEL HENRIQUE/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES

The GIST: The latest digital innovation may have peaked too soon. Axios reported Monday that sales of non-fungible tokens (NFTs) are significantly down from last year — 12.7K NFTs were sold on Friday, compared to multiple 200K days during summer 2021.

Women’s sports x NFTs: Many in the sports world jumped on the NFT bandwagon early. Power couple Sue Bird and Megan Rapinoe dropped a collection alongside other elite female athletes in May, and the WNBA entered the space in August.

  • Despite the low sales, NFT supply isn’t slowing down yet. The International Cricket Council debuted a collection during this month’s Women’s World Cup, and the University of Oregon launched an NFT platform in February that directly benefits its student-athletes.

Zooming out: Good news: while the NFT decline is obvious, they aren’t going anywhere, and NFT popularity is expected to be cyclical.

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