An extended period where crypto and NFT prices continue to decline and there is negative investor sentiment on the market.
The Long Explanation
It is a relatively short or cyclical period of time when there is a strong downtrend in the market, with falling prices and supplies exceeding demands.
Typically, NFT investors or traders focus on buying tokens during a bear market, as prices hit rock bottom, with the belief that they could sell the same in the future (in a bull market) when the market is more favourable.
But, not all NFT investors or holders are the same. Some lose their confidence and tend to be reluctant to invest in new NFT collections, knowing that their value may or may not recover.
Some NFT holders, during the bear market, even choose to sell their existing tokens out of panic.