2026-01-06 12:23:42

From a sky-high auction of 70 million USD to a virtual avatar now selling for only 9 USD, what has the NFT market experienced?

On January 5th, a well-known NFT developer summit originally scheduled for February this year was suddenly canceled. The official statement expressed deep regret: "The severe market downturn has dealt a huge blow to us. Even after implementing the strictest budget cuts, we are still unable to maintain operations." The bustling scene of past events is now replaced by a cold notification on the screen.

Five years ago, digital artists who were once the darlings of the industry watched the entire ecosystem shift from frenzy to silence. From sky-high art pieces to cheaply sold virtual goods, this is not just a price plunge but a collapse of market confidence. Has the NFT wave truly come to an end? Or is this just a painful phase in the cycle?

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SandwichDetector

· 21h ago

Ha, 70 million to 9 yuan, the decline is incredible... --- Another project team has gone bankrupt, it seems this wave is truly hopeless. --- Five years ago, the hype was intense, and now the situation is just as dire. Cycle? This is clearly a total collapse. --- The summit has been canceled, there's no need to say anything more. --- I just want to know how those who bought in at high prices are doing now... --- Selling virtual goods at a low price, just hearing this phrase makes it clear that this thing has no value at all. --- The most terrifying thing is the collapse of confidence. Even if the money is gone, there's no confidence to recover. --- NFTs should have been dead long ago; virtual art is basically a scam. --- If you ask me, this isn't a cycle at all, it's clarity.

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OnchainGossiper

· 21h ago

$70 million down to $9, this is called going from the altar to the trash heap --- The summit has been canceled, indicating that the situation is really serious --- What happened to those NFT billionaires five years ago? Please update --- Another bubble being hyped up, it's time to wake up --- I've never seen such a dramatic drop in this deal, it's incredible --- Loss of confidence is a good thing, eliminating a batch of leeks being harvested --- Cycle pain? I think it's just completely over, don't deceive yourself --- From sky-high prices to $9, this round of leek harvesting is really ruthless --- Virtual avatars selling for $9, can't even buy a burger --- No more words, this is a living textbook of leek harvesting

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LightningSentry

· 01-08 08:14

Haha, from 70 million to $9, the drop is incredible. Can't really smile about it. --- Another summit canceled. Is this ecosystem really cooling off, or are we just not understanding it? --- Five years ago, the hype was sky-high. Now it's all worthless. Should have known not to buy the dip. --- Honestly, this is just a casino. The ones making money have already left, and the remaining bagholders are still waiting for a rebound. --- Market confidence collapsing can be summed up in one sentence: it's actually been a series of cuts. --- Cycle pain? Don't fool yourself. This is clearly the end of the bubble burst. --- Looking at these data, it feels like the NFT story should have ended a long time ago.

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SandwichTrader

· 01-06 12:48

Putting 70 million in and it's now worth 9 dollars, you really dare to play.

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Hash_Bandit

· 01-06 12:48

nah this is just difficulty adjustment hitting the network hard, seen this cycle too many times before tbh... the real question is who's still mining when the rewards tank lol

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Gm_Gn_Merchant