NFTs, a Punchline During Crypto Bust, Attempt a Comeback

NFTs — which went from being touted as the cutting edge of the digital frontier to the punchline for the most recent crypto bust — are suddenly staging an unlikely comeback.

When the cryptocurrency bubble popped after a series of scandals in 2022, no corner of the market experienced more pain than nonfungible tokens. Global sales volume for NFTs plummeted 63% to $8.7 billion last year, with many assets becoming nearly worthless, according to data from CryptoSlam.