NFT Crash: $1.8M Digital Asset Plummets to Just $450 in Four Years
NFTs, the general term for digital assets operating on blockchain technology, entered our lives following the pandemic. These digital art pieces made such a swift entrance into the market that even simple visual files sold for millions of dollars, leading many to view them as the investment tool of the future. However, NFT technology didn't exactly bring smiles to the faces of its investors. Recently, the value of a digital piece that sold for 1.8 million dollars in 2021 has come under scrutiny once more.
The NFT numbered 2194, part of Mekaverse's collection, had made a record-breaking splash four years ago.
The year 2021 marked a significant rise for NFTs, which first began production in 2014. In 2021, an NFT was produced that skyrocketed in value, reaching a staggering 1.8 million dollars before finding its buyer. Moreover, there was a considerable number of people who believed that this piece would appreciate even further in the future.
Four years have elapsed, yet, akin to other digital artworks, Meka too has experienced a record loss in value.
This digital artifact, once a fortune was paid for, is now valued around 450 dollars. According to the data from 20232025, approximately 95% of the existing NFTs are either worthless or trading at a very low value. This is primarily due to the explosion of supply and the decline in demand.
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