“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 wouldn’t 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.
What’s 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.”
Seems accurate but also misleading. 95% of NFT collections were always worthless. There were some pump and dumps that got attention for some collections but it was way too easy to make a collection to try to spark a pump and dump.
What’s more interesting is that some collections still have a lot of value, but trying to figure out why that is is a lot harder and results in a lot fewer clicks than giving schadenfreude to people that didn’t bother with NFTs.
I don’t believe nft’s are different than regular collectible stuff, 90s was rampant with worthless collectibles.
The more things change, the more they really are the same.
Anything different between the NFTs that have value now and the 95% that are deemed worthless, other than price?
AMC has increased its forward looking profit forecast but everyone has deemed them worthless because they are 1/80th of the price. Seems a little backwards.
Larger cults
Sure, but most of crap gained value somewhat naturally. This thread can confirm I don’t know shit about NFTs and I am genuine with my questions but I can confirm that GME, AMC, and two particular shitcoins were Billion Dollar plays on the public. Maybe NFTs just happened to have a natural knack of interest right at the same time and all is good but the memes and the coins will never be memed again.
Weren’t they 20x that 2 years ago?
Oh idk maybe
Youd also have to consider volume for that same time frame. If the cheapest is 650, but only like 100 are sold a month, its essentially worthless if there are 10s of thousands in circulation.
Wow I never thought of it like that thanks
Serious question. What did people think they were buying of value or was it purely speculative and based on the hope worthless stuff would maintain value?
One might ask why is it still worth 35k
Because the wash traders have collectively determined the best possible price to sell it atm is 35K - or about a 92% loss in confidence in convincing the public that a troll pic of a monkey is worth money.
This is the future, you boomers wouldn’t understand
I’m the dumbest person on this forum and still get a chuckle out of people that all came from an online poker forum not understanding how people from that same community made lots of money from NFTs. It’s like talking to my friends back in 2004 about online poker… “But how much did you lose?”
No one ever doubted you could make money off of NFTs. The entire argument was over whether any of them had real value when the music stopped.