A cooling of the non-fungible token (NFT) market will benefit the sector’s development. This view was voiced by Duncan Kok Foster, co-founder of the Nifty Gateway marketplace, in an interview with Decrypt.
“If you are simply doing something with the sole aim of making money, it is unlikely to be a good pastime, and you probably won’t earn much, which is a kind of manifestation of the ultimate irony,” he noted.
According to Foster, during the NFT frenzy in February and March, artists and musicians frequently approached him, hoping to rush onto the digital market with their works to ride the wave.
“If this is your attitude, you probably won’t achieve long-term success in the NFT space,” Foster emphasized.
The downturn in the sector’s hype, Foster says, ultimately points toward long-term development.
In early April, the average NFT fell by 67% from February highs.
The expert described this market correction as “a quiet crash”.
As of now, the most expensive purchase in the segment remains the NFT Everydays: The First 5000 Days by Mike Winkelmann, known by the alias Beeple.
The buyer, the CEO of Portkey Technologies Vignesh Sundaresan, paid $69.3 million for the work, including fees.
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