Opinion | The NFT market is collapsing because of course it is

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Opinion | The NFT market is collapsing because of course it is
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Color me absolutely shocked that your pixelated monkey picture won't be worth billions.

, NFTs and cryptocurrency depend on two things to keep their valuations high: increasing demand and perceived scarcity.

Which leads us to two problems the market is facing. First, the number of active traders has plummeted from almost a million accounts at the start of the year to about 491,000,NFTs and cryptocurrency depend on two things to keep their valuations high: increasing demand and perceived scarcity. Second, there’s been a flood of supply. “There are about five NFTs for every buyer, according to data from analytics firm Chainalysis,” the Journal reported. “As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people, the firm said.”

That excess supply makes sense when you consider that everyone and their mother have been rushing to pump out an NFT in a bid to get in on the trend. Need to raise awareness for a cause?

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People who spend millions on this crap deserve to lose it all

And unlike the Beanie Baby, anyone can put your NFT on their wall for FREE!

I'm а nudе mоdеl, rаtе mу рhоtоs

Deservedly so

Lmaoooo y’all’s headlines have been wildin

OldTakesExposed ✍️

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