A downturn in NFT sale prices. The second quarter of 2022 was the beginning of the NFT winter after prices reached the stratosphere in 2021. For example, Jack Dorsey's first tweet was put on sale, which originally sold for nearly $3 million, and bids came in for less than a thousand dollars. Many other NFTs that originally sold for millions have seen their valuations plummet 90% and more.
Are NFTs a One-Time Fad?
Maybe. Maybe not. NFTs may remain popular for a long time, although their purchase prices are likely to be nothing like they were prior to 2022. See
NFT summer,
NFT and
crypto winter.