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A swift 70% drop in the average price of non-fungible tokens (NFTs) is suggesting that the latest “crypto craze” might be fizzling out—just as fast as it took the world by storm recently, Bloomberg’s experts pointed out yesterday.

Shortly after, the average price of NFTs dropped to as low as $650, although it briefly surged once again to $3,600 on March 11.

Simultaneously,  some experts argued that despite price fluctuations, it is hardly fair to call the NFT market a “bubble.”.

In 2018, Hockney sold his physical painting, called “Portrait of an Artist (Pool with Two Figures),” for $90.3 million via Christie’s auction house—the same one that sold Beeple’s artwork recently.

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