Where are NFTs now? Singapore’s creatives reclaim space after market wipe-out

TWO years ago, non-fungible tokens (NFTs) were all the rage. You couldn’t step into a bar or a party without overhearing someone breathlessly talk about NFTs.

Today, the NFT market is all but wiped out. Sales volumes are down by as much as 90 per cent from their record highs. This decline stands in stark contrast to the upward trajectory of Bitcoin’s value since the beginning of 2023.

The recent spate of headlines has not been kind. Buyers of Bored Apes NFTs are suing auction house Sotheby’s, and celebrities including Paris Hilton and Justin Bieber, for “creating the impression that the market for (Bored Ape Yacht Club) NFTs had crossed over to a mainstream audience”, the plaintiffs’ lawyers say.