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NFT Sales are Flatlining

by Alisha Bhagat, May 10
1 minute read

According to new data, sales of non-fungible Tokens (NFTs) have fallen up to 92% since September. Google trends reported that internet searches for NFTs peaked in January 2022 and have since dropped off by 80%. The decline in interest as well as valuation for NFTs comes at the same time as interest rates rise across the globe, decreasing the willingness of consumers to take risky financial bets.

So what?

A market crash in NFTs calls into question this first wave of NFTs and their ties to cryptocurrency. The value proposition for NFTs is still unclear, and perhaps this will become more defined during the second wave. Perhaps new NFTs will be more tangibly linked with real or digital world benefits. And it remains to be seen if NFTs can be used systemically for social good and sustainability purposes.

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by Alisha Bhagat Spotted 29 signals

Alisha Bhagat is the futures lead at Forum for the Future. Her work focuses on the creative use of futures tools to impact long term positive change, particularly around social justice and equality. Alisha brings a broad toolkit to her work and designs games, creates immersive experiences, and brings the future to life. In addition to her work at Forum, Alisha is a part-time faculty member at Parsons School of Design where she teaches the Futures Studies and Speculative Design certificate. Prior to joining Forum, Alisha was a foreign policy consultant for the US government and a fellow at the East-West Center in Honolulu. Alisha holds an MS in Foreign Service from Georgetown University and a BS in Anthropology and History from Carnegie Mellon University. She was awarded a Fulbright scholarship in 2005. When not thinking about the future, Alisha is an avid gamer and science fiction enthusiast.

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