NFT bargain-hunting is in as crypto bust craters prices

Cheaper NFT collections and US$100 (RM470) gaming NFTs have been generally selling better than the expensive stuff, though Maegaard said he did sell a CryptoPunk depicting an ape in a hoodie for US$4.45mil (RM21mil) on Sept 28. — Reuters

A year ago, Daniel Maegaard, one of the higher-profile collectors of nonfungible tokens, was spending tens of thousands of dollars on CryptoPunks featuring funky-looking people or apes. In the last few months, he’s been buying NFTs that typically sell for less than US$2,000 (RM9,404).

The shift is indicative of the metamorphosis taking place in the market for the once-coveted digital images promoted by the likes of Justin Bieber and Madonna. NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus, leaving the sector mostly to the dedicated long-term believers in the various potential use cases, and collectors betting that the plunge in prices will rekindle speculative demand.