NFTs Are on the Rise Again. Can Digital Artists Thrive Too?
Many were quick to write it off as a blip when the market shrank in May, dropping 90% from its peak. But the death of NFTs was greatly exaggerated. After lying dormant for a couple of months, NFT sales exploded in August, hitting twice the levels of the first NFT mania back in the spring. Legacy institutions like Visa, Marvel and Major League Baseball jumped into the game, bestowing legitimacy; celebrities like Tom Brady and Doja Cat hypercharged excitement with their own ventures. None of this came as a surprise to those who have been involved in the cryptocurrency space for years. The market, like many others, is inherently choppy, with vicious boom-and-bust cycles that have investors hanging on for dear life, even in boom times.