Web3 executives believe that the recent steep decline in the price of nonfungible tokens (NFTs) is a sign of the technology maturing, rather than a cause for concern. While a recent report found that as much as 95% of NFT collections had no value, Decentraland Foundation executive director Yemel Jardi attributed this to speculative trading and emphasized the importance of anchoring NFT value to their utility. Despite recent setbacks, NFTs are expected to remain a valuable tool for the digital landscape, with potential use cases in government, institutions, and the entertainment sector. The NFT market currently has a capitalization of $5 billion, with CryptoPunks and Bored Ape Yacht Club being the two largest collections.
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Web3 Executives Claim NFT Price Collapse is a Sign of Maturation, Not Distress
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