On Monday, Bend DAO, which develops decentralized nonfungible token lending and borrowing protocols, suggested new emergency measures to stabilize the ecosystem.
Last week, NFT analysts warned that $55 million worth of blue chip NFTs were at risk of liquidation
The current bear market of cryptocurrencies has also eliminated ventures that do not have long-term viability and usefulness.
The legal team of a former OpenSea employee is alleging that prosecutors want to claim NFTs as securities.
OpenSea product manager Nathaniel Chastain, who was charged with insider trading