Remember when NFTs sold for millions of dollars? 95% of the digital collectibles may now be worthless. https://markets.businessinsider.com...estors-messari-mainnet-currency-tokens-2023-9 Most NFTs may now be worthless, less than two years after a bull run in the digital collectibles. A study examining more than 73,000 NFT collections found that 95% had a market cap of 0 ETH. Out of the top collections, the most common price for an NFT is now $5-$10. Are NFTs dead? A recent study looking at the price of thousands of collections seems to suggest the answer is "yes." A report by dappGambl based on data provided by NFT Scan and CoinMarketCap indicated that 95% of non-fungible tokens were effectively worthless. Out of 73,257 NFT collections, 69,795 of them had a market cap of zero ether. By their estimates, almost 23 million people hold these worthless assets. "This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space," the researchers said. "Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses." NFTs are digital representations of art or collectibles tied to a blockchain, typically ethereum, and each one has a unique signature that cannot be duplicated. In 2021 and 2022, the NFT market saw a huge bull run, at one point leading to $2.8 billion in monthly trading volume. During that time, popular collections such as Bored Apes and CryptoPunks were selling for millions of dollars, and celebrities such as Stephen Curry and Snoop Dogg participated in the hype. The boom coincided with cryptocurrency's peak when bitcoin was trading close to $70,000. On Wednesday, the price of the crypto hovered just above $27,000. dappGambl's study shows 79% of all NFT collections currently remain unsold, and the surplus of supply over demand has created a buyer's market that isn't doing anything to revive enthusiasm. Even filtering out the lower-value, less significant projects, most collections have little value today. Out of the top 8,850 collections by market cap, 18% are worthless, and 41% are priced at $5-$10. Fewer than 1% have a price tag above $6,000 — a far cry from the regular million-dollar deals of two years ago. "It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets," the researchers said. "Additionally, this apparent disconnect between listed prices and actual sales could suggest that many sellers are waiting for another massive surge in NFT interest akin to the boom witnessed in 2021, which may not ever occur again."
Please don't say it's so. Non fungible tokens are not fungible? Who would have thought? Any thoughts about crypto?
Good to see that nft will be history soon. Next will be crypto currency due to infinite supply, hacking issue, end of euphoria..... Btc could be the MOTHER OF ALL TULIP MANIA.
What is the point of this thread? We KNEW it was a bubble going to burst and most of it was stupid. Youtubers posting the most stupid over-inflated images as something of value... If you look at older threads, you'll see we were waiting for the bubble to pop. And pop it did. This is old news and sort of long past the era where the horse has already left the barn.
NFTs were peak crypto stupidity. When they came along was the sign that the show is over... I started a thread about them in March 2021, in April the first of the BTC top came.
Actually, Pokemon stuff is not a fad. The games still are going, and make lots of in-app purchasing cashflows. Also, we get the cards all the time for appraisals at work, not to mention the cheap Dollar stores still sell those cards (and Magic the Gathering).