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NFT prices slump as FTX’s collapse shadows digital collectibles

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The value of non-fungible tokens, or NFTs, is plummeting amid renewed questions about what cryptocurrencies are worth. 

The crypto world suffered a major blow last week when FTX Trading declared bankruptcy amid a $8 billion shortfall. The fallout is now affecting the digital collectibles realm, said NFT expert Connor Borrego. 

The price of “The Currency,” a collection of NFTs by celebrated artist Damien Hirst, fell 12.6% to $4,666.60 on Friday while Moonbird NFTs fell 4.7% to $8,397.50 and Bored Ape Kennel Club fell 8.3% to $4,672.60, according to NFT Price Floor. 

FTX’s bankruptcy has pushed down the price of some cryptocurrencies, shrinking the buying power NFT collectors enjoyed in the past, Borrego said. Most collectors buy NFTs using cryptocurrency, although many marketplaces also accept traditional payment options like credit cards. 

An NFT gives someone proof of ownership of a digital object, or access to services, using a unique code on the blockchain that is linked to an image or video.  NFTs can be transferred or sold but…

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