Cryptoverse: The bonfire of the NFTs

FILE PHOTO: A non-fungible token (NFT) displayed on the website of NFT marketplace OpenSea is seen through a magnifying glass, in this illustration picture taken February 28, 2022. REUTERS/Florence Lo/Illustration

(Reuters) - The NFT dream isn't dead, but it's taken a big non-fungible beating.

The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it's looking ugly.