The non-fungible token (NFT) market has grown dramatically over the past 24 months. NFTs first garnered widespread attention when the artist Beeple sold digital artwork at Christie’s in March 2021 for $69 million. According to the DappRadar Industry Report, spending on NFTs exceeded $25 billion in 2021, but the market has been significantly lower this year and according to the The Wall Street Journal, “flatlined” last month.
