Felix Shipkevich was recently featured in an article on builtin.com entitled ‘Did the NFT Bubble Burst?”

See his thoughts on NFTs below:

Financial tech regulatory attorney Felix Shipkevich has it that the NFT bubble did burst, but for no singular reason. 

“What’s different about this specific burst, unlike other market fallouts, is that there was really no specific event that was a catalyst triggering a major downfall,” said Shipkevich, who heads his own New York City-based law firm, Shipkevich PLLC, and doubles as a law professor at Hofstra University, where he lectures about global finance including cryptocurrency. “Essentially, it boils down to a significant loss of interest.”

“I think the bubble has a leak in it, but no — it hasn’t completely burst … There’s been a market correction, and, in my opinion, that needed to happen.”

Up or down, the NFT market created new opportunities. There are “get-rich-quick” schemes, also known as rug pulls, that failed to produce any plans for longevity alongside more legitimate pursuits, such as NFT art collections, which turn fans into investors. Often, these struggle to retain long-term value, Shipkevich said.

‘Did the NFT Bubble Burst?” on builtin.com