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    Reviving NFTs: Assessing Potential for a Post-Hype Resurgence | FinOracle

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Home Cryptocurrency NFTs

Reviving NFTs: Assessing Potential for a Post-Hype Resurgence

The trading volume for NFTs plunged to $11.8 billion in 2023, reflecting a sharp decline from the previous year's figure of $26.3 billion. The market faces challenges, but analysts see potential for a resurgence and value in NFT technology. Celebrities also face legal action for their alleged role in the NFT craze.

by John Darbie
Mon, Jan 29, 2024 3:54am
in NFTs
• 2 mins read
14.8k
Reviving NFTs: Assessing Potential for a Post-Hype Resurgence | FinOracle

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Trading Volume for NFTs Plunges to US$11.8 Billion in 2023, Reflecting a Sharp Decline from Previous Year’s Figure

According to a report by CoinGecko, the trading volume for non-fungible tokens (NFTs) dropped significantly to US$11.8 billion in 2023, compared to the previous year’s figure of US$26.3 billion. This significant decrease has raised concerns and prompted comparisons to the Dutch “tulip mania” of the 1630s, where the price of tulip bulbs skyrocketed before crashing.

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