NFT Sales Halted
..how will marketplaces move forward?
Two-thousand twenty-one was the year of NFTs (non-fungible tokens). Forbes credits 2020 as the “emergence of vast markets for non-fungible tokens (NFTs) — unique blockchain-based digital assets — [being] a transformative moment for how we understand digital transactions and stores of value.” Yet 2020 would seem to have laid the groundwork for a cultural and economic boom in the 12 months after. Total 2020 NFT sales were just shy of $100 million; last year sales exploded to ~$25 billion with nearly 90% of those sales coming in the second half of 2021.
And if every boom has a bust, last week’s developments may be the harbinger for what we all see coming.. The NFT marketplace Cent halted all NFT transactions on February 6th because the CEO Cameron Hejazi told Reuters, “There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally."
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