One of the leading artists in Web3 sees one way for non-fungible tokens (NFTs) to bounce back from the crypto winter: the Federal Reserve lowering interest rates.

According to blockchain data tracker CryptoSlam, global NFT sales declined by 89% in November from a peak of $5 billion in January, Bloomberg reported.

The nosedive in NFTs sales is influenced by the Fed raising interest rates in the face of all-time high inflation coupled with “tourist money” swiftly leaving the market. That leaves retail investors in a tough spot, according to Faruq.

(By Fran Velasquez)