Non-fungible tokens (NFTs) also took a hit as a result of the crypto fallout. NFTs are digital assets whose ownership is verified through transaction records stored on blockchains. Art work, digital avatars and accessorised monkeys are some of the most commonly traded NFTs. OpenSea is said to be one of the largest NFT marketplaces in existence. Earlier this year, the platform was valued at over $13 billion after raising around $300 million in venture capital. By August 2022, based on Ethereum blockchain data, OpenSea was used by two million traders who transacted at least once on the network.
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