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While the average price of NFTs have fallen from their highest point in February, average crypto art prices have been fluctuating in recent weeks. Between February and the end of March, prices dropped 70% but have since climbed 30% from a low around $1,200 last month.
Melissa Gilmour, the founder of the London-based NFT agency Lily & Piper told CNN the price drop is likely not permanent. There are elements of a hype cycle in this one, but we still see it as an immense long-term opportunity, she told CNN.
Still, March s lows were far above where the NFT market was just four months ago. In January, the average price for a crypto art piece was about $195 the year before it was $30.
NFT prices are plummeting. What could this mean for the art world?
Written by Anny Shaw
This article was originally published by The Art Newspaper, an editorial partner of CNN Style.
Scam, pyramid scheme and tech speculation bubble such have been the more cynical responses to the meteoric rise of the NFT (non-fungible token) market. So has the boom gone bust already?
Perhaps, according to recent figures published by Nonfungible.com, which show that the average price of NFTs plummeted almost 70% from a peak of around $4,000 in mid-February to around $1,400 last week. Since Bloomberg first reported the price crash on April 3, sales remain low.
Sorry to burst your bubble: NFT prices slump 70% theartnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theartnewspaper.com Daily Mail and Mail on Sunday newspapers.