Not only the cryptocurrencies that fell recently, but also Non-fungible assets or NFTsThe JPG NFT index, which measures a wide range of non-fungible assets, has fallen by 26% in the past seven sessions, while transactions have tumbled 21%.
User numbers fell by 27%, according to a Bloomberg report.
The price of the most popular NFT known as Bored Ape Yacht Club, which is also considered a Blue Chip, fell by 29%, following outperforming the rest of the crypto assets.
The non-fungible assets were promoted as generally better than the rest of the crypto assets, but the recent decline showed their instability in light of the declines in the markets in general.
Non-fungible assets (NFTs) are intangible holdings that exist only in the virtual world, and they are ownership contracts for digital assets that are registered in virtual platforms in the name of the content creator such as images, graphics, and others.
