The NFT boom has gone bust — for now ...Middle East

The digital artist Beeple shocked the world in March when he sold his collage “Everydays” at Christie’s for $69 million as a nonfungible token (NFT). Suddenly, it seemed that every news organization was writing some explanation of this phenomenon, attempting to answer the question: Why would someone pay the price of an original Monet, a Picasso, a van Gogh for what’s essentially a glorified JPEG?NFTs are used in many different industries—like music, art, and sports collectibles—so there are issues with lumping them all together. But even by the time Beeple made his record-breaking sale, the NFT market as a whole was already on the downswing. Weekly trade volume of NFTs peaked at nearly $200

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