CryptoPunks — one of the most popular non-fungible tokens — displayed in Times Square on May 12, 2021.

Alexi Rosenfeld | Getty Images

Has the NFT bubble already burst?

Non-fungible tokens took the art world by storm earlier this year. NFTs are a type of digital asset designed to show someone has ownership of a unique virtual item, such as online pictures and videos or even sports trading cards.

In March, South Carolina-based graphic designer Beeple, whose real name is Mike Winkelmann, sold an NFT for a record $69 million at a Christie’s auction. Jack Dorsey, CEO of Twitter, sold his first tweet as an NFT for $2.9 million later that month.

More recently, a rare digital avatar known as a CryptoPunk sold at Sotheby’s for over $11.7 million on Thursday. Total NFT sales reached an eye-watering $2 billion in the first quarter, according to data from Nonfungible, a website which tracks the market.

But new data shows the NFT hype is fading….

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