Is the NFT bubble bursting already?

Non-fungible tokens, or NFTs, have been all the rage. But their popularity may have already peaked.

Prices of NFTs, the digital certificates that have taken the art and collectibles world by storm, have plunged about 70% from their high point in February, my CNN Business colleague Paul R. La Monica reports.

The average price for an NFT on Monday was about $1,256 — down from more than $4,000 in late February, according to market research site Data from The Block, another crypto research firm, shows a similar decline.

NFTs have been at the center of an investing and pop culture mania for the past few weeks, leading some to wonder if the frenzy is a market bubble fueled by the wealthy and younger traders flush with stimulus money.

A JPEG file by the digital artist Beeple recently sold for $69 million at Christie’s. NFTs have helped boost the price of sports trading cards, and rock group Kings of Leon released their most recent album as an NFT. The digital tokens were even the subject of a recent “Saturday Night Live” skit.

Is this just a quick pullback, or has the phenomenon run its course? Time will tell — but even Beeple joked with CNN’s Julia Chatterley last month that he could be the biggest winner of a potential NFT bubble.