In September 2022, the NFT market rapidly cooled down from its peak in January, with trading volume plummeting by 97% and market value collapsing. Prominent collections like Bored Ape Yacht Club experienced a value decline of over 90%. According to a report by Business Insider, approximately 95% of NFTs have currently become worthless.
Taiwan's Central Bank Criticizes NFTs: Fading Craze Poses Existential Threat!