Who is to blame for the crash in non-fungible token prices? Some NFT enthusiasts point the finger at a new trading platform. This is wishful thinking. The real culprit is a toxic combination of rising rates, falling cryptocurrency prices and complete lack of utility.
Early last year an NFT land grab was under way across Big Tech. Meta was working on ways to allow users to show off NFT ownership in their Facebook profile. Heralded as integral to the decentralised next phase of the internet, NFT transactions would be recorded on the blockchain instead of verified via banks or other third parties. NFT marketplace OpenSea hit a $13.3bn valuation.
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