Taiwan Central Bank Criticizes NFT: Hype Fades, Potential Existential Crisis Looms

In September 2022, the NFT market rapidly cooled down from its peak in January, with trading volume decreasing by 97% and market value collapsing. Famous collections such as Bored Ape Yacht Club saw their value drop by over 90%. According to a report by Business Insider, approximately 95% of NFTs are currently considered worthless.