NFT prices slump as FTX's collapse shadows digital collectibles
The value of non-fungible tokens, or NFTs, is plummeting amid renewed questions about what cryptocurrencies are worth. FTX Trading declared bankruptcy amid a $8 billion shortfall. The fallout is now affecting the digital collectibles realm, said NFT expert Connor Borrego. FTX's bankruptcy has pushed down the price of some cryptocurrencies, shrinking the buying power NFT collectors enjoyed in the past, Borrego said. Most collectors buy NFTs using cryptocurrency, although many marketplaces also accept traditional payment options like credit cards. a collection of NFTs by celebrated artist Damien Hirst, fell 12.6% to $4,666.60 on Friday.
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