The nosedive in cryptocurrencies and nonfungible tokens peppered conversations, panels and events at NFT.NYC, a four-day event last week focused on the virtual baubles.
Marketers seemed unwavering in their zeal for NFTs. The price of crypto is down—by an estimated $2 trillion since November—and high prices for NFTs have faded. Most NFTs are purchased using cryptocurrencies. And as the crypto market has slumped, so has the value of the digital collectibles.
Some companies might fail because of that, but the industry is going through a necessary maturation process, said
Julian Holguin,
chief executive of Doodles, a collection of 10,000 NFTs.
