New Delhi, Oct. 5 -- Digital collectables were once sold for millions, attracting celebrities, technology supporters and ordinary buyers. During 2021 and early 2022, non-fungible tokens (NFTs) became a part of the cryptocurrency craze. Buyers hoped these digital assets would bring wealth, status and access to exclusive communities.

NFT is a digital record of ownership linked to an item. These items included artwork, video clips and pieces of internet history. Their appeal depended heavily on rarity, celebrity attention and expectations of rising prices.

However, there has been a sharp collapse in the NFT after that excitement faded. Some prominent assets have reportedly lost between 95% and 99% of their value. Buyers were left facing hu...