But the highly speculative market for the NFT has also cooled in recent months.
On May 9, the price of Ether, the cryptocurrency to which the value of NFT is fixed, rose to $3,883, more than five times its price at the start of the year, according to coindesk.com. At that point, weekly completed NFT sales in dedicated markets on the Ethereum blockchain (excluding Christie’s and Sotheby’s auctions) hit a high of $176 million, nonfungible.com said. , NFT market activity chart. By May 20, NFT’s weekly sales were down to $19.2 million, down 89% and flat at just under $20 million, according to the database.
This correction, or the “stability phenomenon,” as the blog nonfungible.com likes to call it, is due in part to the massive drop in Ether prices, as well as the long, irrational boom and bust cycle. .
Anders Petterson, co-author of the “NFT Art Market Report,” published in May by ArtTactic, a London-based art market analysis firm, said: “Things have settled down. .
“The NFT market reached such high levels that people started questioning where the value was,” Mr. Petterson said. “It was saturated. There’s a huge supply of new artists and we don’t have a qualitative standard. If you can’t explain the value beyond the fact that people are buying it, then it becomes difficult.”
But the leading brick-and-mortar auction houses, with their formidable global marketing machinery, continue to set their own standards for NFTs. In June, when the niche market for “nifties” was still said to be in the doldrums, Sotheby’s sold a rare “alien” CryptoPunk for a record $11.8 million, the second-highest price ever. ever achieved for an individual NFT.
But Mr. Norman, the book dealer, was skeptical that the Berners-Lee NFT would create an increase in demand for nonfungibles computer code.
“There is a real question of how much people will care about digital collection,” Mr. Norman said. “The amount of digital information created is truly enormous. Everyone with a computer creates something. How much of it matters? “