NFT market experienced a major slowdown after the massive boom of 2021–2022. The decline was caused by reduced liquidity in the crypto market, rising global interest rates, and the large number of weak speculative projects. Trading volumes and prices of many NFT-related coins dropped sharply, while many investors lost confidence after quick profits disappeared. However, the NFT technology itself may still have future use cases in gaming, digital ownership, and online identity, with the market now focusing more on real utility rather than hype magic eden .apecoin.IMX