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Prices for digital collectibles like art and sports memorabilia are sliding, turning the focus back on whether the nascent market for so-called non-fungible tokens is any more than a fleeting mania.

Average prices for NFTs — essentially tradable digital certificates that use blockchain technology to prove ownership and provenance of online assets — have tumbled almost 70% from a peak in February to about $1,400, according to Nonfungible.com, which tracks a variety of NFT marketplaces.

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