NFTs used to be all the rage: digital paintings sold for millions, collectors competed for rare tokens, and everyone talked about a new era of digital property. But now it seems that interest in this market has died down. Have NFTs really lost their value, or are they just out of fashion?
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Like any new technology, the market has gone through a period of overheating, followed by a period of cooling. This does not mean that NFTs have completely lost their value. On the contrary, there is a natural process of weeding out speculative projects, and useful applications of the technology are coming to the fore, from games and digital assets to real estate in the metaverse and proof of ownership.