As NFTs Crater, What’s Next for Blockchain Technology

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We may be ditching the art and replica assets for new blockchain-based ideas in music, subscriptions and events

NFT 2.0 will have practical applications, including access and personal identification. (Christopher Smith/TheWrap)

No, NFTs aren’t dead. But anyone looking at the sharp downturn in prices — with the floor price of the popular Bored Ape Yacht Club NFTs cratering as much as 25% in the last week — might be led to think that the hype bubble has burst around non-fungible tokens.

“For the majority of people who have collected, created or traded NFTs over the past 12 months, this will be their first bear market,” Ben Beath, founder of the NFT game BattleFly, said, referring to a down period in the market. “Even the bluest of blue-chip NFT projects haven’t been immune from the market downturn.