Current Events > NFT's are now as worthless as they always should have been

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A TEAM OF researchers have crunched the numbers to explain why you dont see people hawking ugly cartoon apes on the internet as much anymore: NFTs, or non-fungible tokens, once vaunted as a revolution in crypto and digital art, are largely worthless.

Dead NFTs: The Evolving Landscape of the NFT Market is a new report from dappGambl, a community of experts in finance and blockchain technology. Upon analysis of 73,257 NFT collections, the authors found that 69,795 have a market cap of zero Ether (ETH), the second most-popular cryptocurrency behind Bitcoin. In practical terms, that means 95 percent of NFTs wouldnt fetch a penny today a spectacular crash for assets that reached a trading volume of $17 billion amid a frenzied bull market in 2021. The study estimates that some 23 million investors own these tokens of no practical use or value.

Whats more, supply vastly outstripped demand for NFTs. Just 21 percent of the collections included in the study can claim full ownership, meaning around four out of every five collections remains unsold. With buyers becoming more discerning, the report notes, projects that lack clear use cases, compelling narratives, or genuine artistic value are finding it increasingly difficult to attract attention and sales.

And, while headlines during the heyday of NFT speculation focused on individual pieces that sold for the equivalent of millions of dollars in crypto, almost none are so exorbitantly priced today. Less than one percent are listed at more than $6,000, and the bulk of the most expensive collections are priced between $5 and $100. Almost a fifth of the top collections have a floor price of zero. Even among the more expensive NFTs, the report notes, such prices may be set without any bearing on tangible, real demand, reflecting wishful thinking from sellers and potentially distorting investors view of an NFTs meager inherent value.

The dappGambl researchers conclude that while we may never see an NFT boom like the one in 2021-2022, the assets may evolve in a way to survive the wipeout. For example, they could be given a specific function, becoming a pass for special event access or a virtual item to be purchased and traded in video games.

This, however, would not address perhaps the greatest drawback of NFTs, which became a major controversy as they peaked in popularity: their environmental impact. Non-fungible tokens are minted on the blockchain, a process that requires energy, and bought and sold in marketplaces that run on cryptocurrencies mined with computer rigs that have a significant carbon footprint. But minting tokens alone carries a cost. The Dead NFTs report observes that the nearly 200,000 NFT collections with no apparent owners or market share identified by the study caused carbon emissions equivalent to the annual output from 2,048 houses, or 3,531 cars.

Of course, enthusiasts didnt worry too much about that when NFTs were a hot commodity. And if they ever make a modest comeback, climate concerns will likely be brushed aside again. Cant let something like that get in the way of the next hype cycle.

https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/

Hey, wanna buy a monkey?

I thought they had Trump's approval?

Trump is no con.

I knew when sleezy celebrities like Paris Hilton, Jimmy Fallon and Seth Green along with all those other celebrities who pushed NFTs on Twitter that it was a scam. It was all so sleezy and deceptive I hope no regular people fell for their scams.

Are Trumps NFTs worth anything?

Can't even wipe your ass on them because they're non-fecal tissues.

https://gamefaqs.gamespot.com/boards/400-current-events/80572815

I hate that Kevin smith put an NFT joke in clerks 3

the movie was great but that joke isnt going to make any sense real soon

Wish I knew what SMALs new account was so I could tag him and laugh

Smal in shambles

https://www.youtube.com/watch?v=FUaaGRLEbm0

Foppe posted...

Are Trumps NFTs worth anything?

I hear if you own one you actually have to pay Donald Trump $200 each week.

Bass posted...

I hear if you own one you actually have to pay Donald Trump $200 each week.

Reject bankruptcy, return the monke

MICHALECOLE posted...

I hate that Kevin smith put an NFT joke in clerks 3

the movie was great but that joke isnt going to make any sense real soon

95% there already, if the market cap is to be seen.

Cant believe so many people fell for that scam