Cash of thousands of non-fungible tokens (NFTs) Kiss The Gustav Klimts sold to art lovers are now worth a fraction of their purchase price after prices dropped by as much as 87 percent.
The Belvedere Museum in Vienna, Austria, profited millions of euros from the sale of non-fungible tokens.
Just a few months later, digital images are now worth a fraction of their selling price after the worldwide crash in cryptocurrencies.
NFTs sold by Beldevre tempted large numbers of people to invest when they liquidated Kiss In squares, creating 10,000 unique NFTs that were put up for sale for 1,850 euros ($1,982) each.
In the end, he sold 2,415 of them, for a total of 4.4 million euros ($4.7 million).
Now, the value of those NFTs has been impacted by the global crash of all digital assets, and Klint NFTs are on sale for 0.11 ETH on the market OpenC, the Ethereum cryptocurrency, meaning they cost only 220 euros ($235). are worth or a fraction of the original selling price.
Belvedere, Vienna / Zenger
Artifacts market as NFT reaches its peak in 2021 when artist Pak sells his work Sickness On Nifty Gateway for $91.8 million, while 28,983 collectors bought a total of 312,686 units in the form of non-fungible tokens (NFTs).
But the market still continues to trade, for example, the Leopold Museum, which is also located in Vienna, is offering its artworks as NFTs until May 26.
In all, 24 digital versions of the work by Egon Schiele are being sold for prices higher than those set by Belvedere. Depending on the assortment, prices range from 499 to 100,000 euros ($534 to $107,153).
Bitcoin, the main cryptocurrency, has dropped to $30,000 several times over the past few days, with the lowest price investors saw this month being around $26,000.
Over the past month, nearly $500 billion has been wiped out from the cryptocurrency sector.
Scott Minrad, chief investment officer at Guggenheim Investments, a global asset management firm and investment advisory division of Guggenheim Partners, predicted it could drop to $8,000 from its current levels.
If this prediction holds true, bitcoin would have fallen 88 percent from its all-time high of $69,000 in November 2021.
This story was provided to Newsweek zengar news,
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