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After a year in which it seemed like practically every brand scrambled to release a nonfungible token (NFT), sales of the digital ownership assets have slumped in the past few months.
Amid volatility in cryptocurrency markets and high-profile, headline-grabbing scams, overall sales of NFTs dropped 67% month over month on the largest marketplace, OpenSea, in the past 30 days. Meanwhile, incidents in which bad actors have scammed investors out of millions of dollars worth of the tokens have grown more common, making casual consumers wary of wading into NFTs.
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