June 17, 2022, 5:47PM EDT
• 18 min read

Current State of NFTs

Quick Take

  • This piece summarizes key themes that have influenced the NFT market in the first half of 2022
  • After reaching an all-time high of $16.6B in January, NFT trading volumes have since consistently declined
  • Airdrops have emerged as an essential tool to capture NFT traders’ attention, while free mints have cast their spell on the space in the face of a major market downturn
  • NFT projects are enacting increasingly diverging strategies in terms of IP rights that gravitate towards both extreme ends of the spectrum
  • NFT financialization protocols have sprung up but still lack sufficient base liquidity

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