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Why the value of NFTs dropped dramatically

Why the value of NFTs dropped dramatically

NFTs (Non-Fungible Tokenfor its acronym in English) have had a great boom, however, a part of these have suffered a decline in market valuefailing miserably and leaving everyone wondering why this is.

According to a report from Bloomberg, a third of NFTs are worth nothing and another third are traded cheaplyso it could be said that more than half of these are failing.

Many of them are based on Ethereum and are being traded on the platform Open Sea. Although most crawl on the ground, there are exceptions like Bored Ape and CryptoPunk that have managed to gain a foothold in their customers and market.

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Business Insider notes that only 1% of NFTs were traded for more than $1,500, while 75% sold for less than $15.