So this thread popped again and one thing that I've seen a day ago was about the NFT called 'Beeple'. It was sold for $69M on 2021 and right now, you know how much it costs? $20k.
https://iili.io/3pKqWIn.md.pngI guess that the other hyped NFTs from before that were bought expensively also dropped in prices. I think one of the investors and buyers of it is one of the Paul brothers.
A lot of projects are down 90% or more from their ATH, so it is not just an issue with NFT art as much as I don't like it. It is an overall trend of devaluation of different things, because everything back then was hyper inflated. The less useful things that hold less real value are going to experience higher reductions. Still, we are only judging this from the outside with limited information. Who is to say that somebody did not conduct some very successful money laundering, tax write off or something else entirely on this loss?
