NFT trading experienced a massive surge in 2021. According to the search results, 2021 was the most profitable year for NFT creators and collectors, with several art pieces selling for millions of dollars. Digital artist Pak sold his “Merge” NFT for $91 million, while Beeple traded “The First 5000 Days” NFT for $69.3 million3. The NFT market reached its peak, with a market value of over $40 billion4. However, the unexpected rise in prices formed a bubble with extremely unrealistic prices for non-fungible tokens, which at the time had little to zero value3. The bubble eventually popped in early 2022, causing massive losses for traders who had held their NFTs4.
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