So, NFTs have gone speedily from boom to predictable bust. By the end of 2022, around 18 months after the explosion began, marketplaces had folded or lost almost all their value. The Art Basel Miami Beach fair—thronging with NFT evangelism just 12 months earlier—had, by last December, lost the faith. But the NFT crash doesn’t negate the blockchain—the underlying technology that makes NFTs unique and traceable—as an artistic space.
Source: The NFT bubble has popped, but there’s still untapped potential in digital art