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