NFT is seen as the best way to generate revenue by digital artists around the world. The combination of crypto technology and blockchain is believed to increase the value of digital art in a buyer’s collection. NFT's warmth peaked in January when sales reached $ 12.6 billion (~ RM55.7 billion) last January. But according to a report by The Guardian, NTF sales plunged sharply 92% last June.
The Guardian quoted the latest report by Chainanalysis firm as saying NTF sales during June were just $ 1 billion which is also the lowest in 12 months. The fall was due to the value of the world's major cryptocurrencies which also plummeted over the past month. Selling NFT at a low value is detrimental to the owner.
The warmth of buying NFT is also affected as there are too many projects that are actually fraudulent schemes to the detriment of buyers. This is the reason why Bill Gates dared to say that NFT is a kind of fraud based on the "greater fool theory" to continue it.
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BUSINESS & MONEY