Once upon a time, as long as it was an image or even a GIF, just attaching the three letters "Non-Fungible Token" could sell for a sky-high price. In 2021, the Non-Fungible Token market experienced an unprecedented boom. At that time, not only artists and designers flocked in, but enterprises, celebrities, and investors also rushed in. A Bored Ape image could be priced at hundreds of thousands of dollars, and Beeple's digital artwork was even sold at Christie's auction for $69 million.
In a short time, Non-Fungible Token became synonymous with "future art" and "future assets". According to statistics, the total Non-Fungible Token trading volume in 2022 reached $57.2 billion, attracting countless people dreaming of getting rich overnight. But now?
Non-Fungible Token Fever Subsides: Trading Volume and Enthusiasm Both Decline
By 2024, although the total Non-Fungible Token transaction amount is still around $13.7 billion, it is far less than before. Google search heat has significantly decreased, and discussion volume on major community platforms has become silent. Prices of many Non-Fungible Token projects have been halved repeatedly, and some people have even forgotten which wallet their previously bought Non-Fungible Token is in.
Why did Non-Fungible Token quickly fall from its peak? There isn't just one reason, but a series of market structure and human reality intertwined.
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