Just checked the NFT market cap and it's pretty wild how far things have fallen. We're back below $1.5 billion now, basically erasing all those gains from 2021. The whole crypto NFT space is dealing with this massive supply problem - there's going to be like 1.3 billion NFTs floating around by next year, but nobody's really buying anymore.

The numbers are pretty brutal. Sales are expected to drop 37% year-on-year to around $5.6 billion, and most NFTs are selling for under $100 now. It's not just the price collapse either - a bunch of major companies have already bailed, and we're seeing NFT platforms shutting down left and right. The problem is clear: too many NFTs, not enough buyers. The barrier to create them is basically zero now, so supply exploded while demand just dried up.

This is what happens when hype runs out, I guess. The market's definitely in a rough patch, but maybe this consolidation is what crypto NFT projects actually needed.