NFT collections take huge value hit in 2023: Nifty Publication, Might 24–30

On this week’s e-newsletter, examine among the hottest nonfungible token (NFT) collections and prime metaverse properties taking huge value hits in 2023. Take a look at how the Hong Kong Police Power launched its personal metaverse platform, and the way Reddit’s digital collectibles have managed to onboard virtually 10 million customers to the crypto and NFT area. In different information, notorious crypto hater Peter Schiff has launched his personal NFT assortment on Ordinals.

The worth of fashionable NFTs from 2022 has plummeted over the previous 12 months. NFTs like Doodles, Invisible Mates, Moonbirds and Goblintown have seen their Ether (ETH) worth drop by as a lot as 95%, whereas even blue-chip NFT collections have skilled a median lower of over 40%.

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