Wall Street's love affair with high-flying tech stocks and cryptocurrencies has fizzled as anxieties about monetary tightening from the US Federal Reserve adds uncertainty to the market, but one of the riskiest and most nascent corners of the crypto space has been relatively spared.
While the rout reverted during the course of Monday's trade with the Nasdaq Composite ending the day in the green, the prospect of rising rates could be a headwind for tech stocks and crypto. But those anxieties have not put pressure on non-fungible tokens—a market that covers digital art and collectibles that span projects like Bored Ape Yacht Club and Pudgy Penguins.
In a sense, this goes against conventional wisdom. Indeed, Stephane Ouellette, CEO of crypto platform FRNT Financial Inc, noted in anwith Bloomberg's Katie Griefeld that"the Fed getting more and more hawkish" would be detrimental for crypto prices. "With [crypto tokens], people start to sell just because the assets are fungible, so prices can tank quickly," the well-followed NFT connoisseur said in a Twitter direct message."You can't really do that as easily with NFTs."
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