What value do NFTs have in the current market? Well, a study comes up with an answer, and it’s not a pleasant one.
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A study conducted by experts has sparked a series of surprising reactions and a heated debate among members of the crypto community: in fact, this study shows that as many as 95% of NFTs currently appear to be completely worthless.
According to what is reported in the document, out of a total of 73,247 NFT collections examined, 69,795 of them would not be able to generate even a single dollar in the current market.
The research, titled “ Dead NFTs: The Changing Landscape of the NFT Market ,” says the hype around NFTs peaked in the 2021/22 bull run that saw nearly $2.8 billion in volume of monthly trades (data from August 2021). As a result, NFTs have captured the public imagination around the world with multiple reports of multi-million dollar deals for the sale of certain NFT assets.
Then, with the more general collapse of the crypto market, the vast majority of NFTs became “useless” or, at least, worthless: of the 73,257 NFT collections analyzed in the research, in fact, 69,795 have a market capitalization equal to 0 Ethereum (ETH) .
This statistic effectively means that 95% of people who hold NFT collections currently hold worthless investments : over 23 million people whose investments now have no value.
This data is a wake-up call that is making many reflect on the future of NFTs and the importance of making wise choices within this constantly evolving ecosystem.
An in-depth look at NFTs: ” What are NFTs? Questions and answers to understand non-fungible tokens .”
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