NFT Market Will Bounce Back With Lower Interest Rates, Digital | 💎 NFT's & Metaverse Updates💎
NFT Market Will Bounce Back With Lower Interest Rates, Digital Artist Says
According to blockchain data tracker CryptoSlam, global NFT sales declined by 89% in November from a peak of $5 billion in January, Bloomberg reported. NFTs may have increased utility down the road as users move toward digital identities. 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. “There will be a lot of art that comes out of this year … and collecting pieces that reflect that will be something that will potentially have a lot of value in the future,” Faruq said.
