The NFT market exploded in 2021 driven by Federal Reserve monetary easing and global lockdowns, peaking with Beeple’s digital collage selling at Christie’s for $69.3 million. The Fed had cut its target rate to 0%-0.25% and injected trillions of dollars into the economy. Blue-chip collections subsequently crashed dramatically: Bored Ape Yacht Club fell over 90% from its May 2022 all-time high of 153.7 ETH, while 95% of 73,000 NFT collections had zero market capitalization by September 2023. By November 2025, the market shows consolidation around real utility: Pudgy Penguins, powered by over 2 million toys sold and $13 million in retail revenue, now rivals BAYC in valuation, demonstrating that the speculative model is giving way to one based on intellectual property and tangible revenue.
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