The entire NFT pfp market is imploding as it becomes obvious the concept of paying for jpegs is retarded. Post nut clarity is in full effect as people realize that outside of crypto not a single normal person will ever invest in something so demonstrably stupid.
At this juncture it is beyond evident that the *only* NFT that makes any sense or has any comps to valuable assets that aren’t crypto related is ENS.
Not poopdick domains of course but grail first names and of course 3digit ENS. By every measurable metric - supply, utility, global universal appeal, dilution, distribution, RWA comps, fungibility - they are the superior apex NFT collection by far and it’s not even debatable.
The value proposition hasn’t changed and the floor IS going to $1,000,000. It is and always has been a matter of when not if.