NFT Fans Say 2023 Is Looking Up

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. Some might argue that the popularity of NFTs faded as quickly as it rose. NFTs boomed in early 2022 when the crypto mania was at fever pitch. But a steep decline in sales and prices quickly followed, as 2022’s crypto winter set in, and digital asset bankruptcies piled up, culminating with the collapse of FTX late last year. But as we move into 2023, some crypto traders and NFT owners are cautiously optimistic, eyeing a Bitcoin bump despite the last year. Former bond traders Ovie Faruq and Mike Anderson recently sold 72 iconic Bored Ape Yacht Club NFTs for around 78 Eth each, which translated to roughly $9.25 million at the time.  Bloomberg reporter Abhinav Ramnarayan and Ovie Faruq, Co-founder at Canary Labs, join senior editor Anna Irrera to discuss the ins and outs of trading NFTs. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.