NFTS were big in 2021... Now in 2022... We All Moving Back in with Parents

NFTs experienced a surge in 2021, but their popularity has significantly declined, echoing the shorter lifespan of the ICO boom. Peter Saddington's analysis suggests a market correction after an initial phase driven by hype and speculation. The current downturn is evident in the reduced trading volumes on major marketplaces like OpenSea and LooksRare, along with a substantial decrease in the floor prices of even 'blue chip' NFTs. Saddington highlights the drop in value of prominent collections like Bored Ape Yacht Club and CryptoPunks, with both experiencing declines of roughly 60% in dollar terms from their peak values. He suggests the market will mature, moving beyond simple JPEGs toward practical applications of NFTs related to security and access. Saddington admits to never buying any of these NFTs but anticipates a period of maturation where useful applications are realized.