NFTs Aren't Dead, They're Changing

The non-fungible token (NFT) market has been in more than just a lull lately. Since the January highs, the volume of daily NFT sales has plummeted from just over $6 billion to only $850 million -- a nearly 90% decline.

For a new asset class, these types of declines can be a valid cause for concern, but they aren't unheard of. There are signs that this decrease is a part of the maturation of NFTs. Any new asset class goes through stages of development. Use cases develop as utilization increases.

Even Bitcoin (CRYPTO: BTC), the original cryptocurrency, went through a similar process. In its beginning, Bitcoin was reportedly used for transactions on the dark web. Slowly, it has gained more widespread adoption to the point that publicly traded companies like Tesla (NASDAQ: TSLA) began holding Bitcoin.

Source Fool.com