The NFT market has cooled significantly, with trading volumes dropping 97% from their 2021 peak and 95% of collections now valued at zero. This suggests a burst bubble, driven by speculative hype rather than sustainable value. However, some see it as industry consolidation, with potential for revival through utility-driven NFTs in areas like digital art, gaming, and asset tokenization. Skepticism remains due to past overvaluations, but innovation in blockchain tech could pave the way for a more stable future.[](https://frontline.thehindu.com/news/nft-bubble-burst-after-crash-future-of-non-fungible-tokens-cryptocurrency/article67597578.ece)[](https://cryptonews.com/news/nft-bubble-officially-burst-over-95-of-nft-collections-zero-value/)