It might be the dog days of summer here in New York, but over in the metaverse, we are firmly in the depths of crypto winter.

When NFT NYC, the world’s largest NFT conference, descended on Times Square last month, Bitcoin and ether were down more than 70 percent from where they were in November. That put a damper on the proceedings, and it’s had a ripple effect on the once-ballooning market for digital collectibles. In the first half of 2021, Christie’s had sold $93 million worth of NFTs; this year, they’ve sold just $4.8 million.

Meanwhile, NFT players and platforms are being dogged by claims of insider trading and market manipulation, and many in the art world are reconsidering their relationship with the sector.

To offer us a micro-history of this fast-changing market, and a recap of how the crypto crash has transformed the NFT space, Artnet News executive editor Julia Halperin spoke with Zachary Small, an Artnet News contributor and friend of the Art Angle. Zach is the author of the forthcoming book “Token Supremacy: How NFTs (and a Little Money Laundering) Turned Decentralized Finance Into an Art Form.”