A new report shows that nearly all NFTs are now practically worthless.
“More than 23 million people’s investments are now worthless”.
NFTs had a bull run then crashed. Hard. We now find ourselves in the midst of a bear market for NFTs, with numerous projects now struggling to find buyers following a pessimistic market outlook on their future value.
So what does the current NFT market situation look like, are there still ‘white whales’ that can command million-dollar-deals, and do NFTs have a future? We’re here to outline all three and hopefully end on a high note that will leave you feeling optimistic.
After all, that unrealistic hype could never be sustained, but the future of NFTs is still very much in play.
The hype around NFTs peaked in the 2021/22 bull run that saw nearly $2.8 billion in monthly trading volume recorded in August 2021. From this, NFTs captured the collective imagination worldwide with multiple news reports of million-dollar deals for sales of certain NFT assets.
People were excited about this new type of online asset and something of a goldrush appeared to start. Fast forward to today… and the NFT market is starkly different.
The Non-Fungible Token (NFT) market, once the shining star of the cryptocurrency world, is undergoing a profound transformation.
A recent study conducted by dappGambl cast a spotlight on the current state of the NFT market, revealing a staggering revelation: a remarkable 95% of NFTs now have a market cap of zero Ethereum.
In this article, we will delve into the findings of this study, examining the factors behind this downturn and the future prospects for the NFT ecosystem.
In recent years, NFTs have experienced a rapid rise in popularity within the cryptocurrency sphere. Monthly trading volumes peaked at $2.8 billion in August 2021, attracting everyone’s attention and enthusiasm.
However, the NFT market is going through a difficult landscape, with an alarming 114% increase in “Are NFTs Dead” searches in the past year.
dappGambl’s analysis focused on more than 73,000 NFTs listed on NFTScan, supplemented by an examination of the top 8,000 NFTs on CoinMarketCap.
The study aimed to assess how many NFTs had a market cap and a minimum price of zero, shedding light on the extent of “dead” NFTs and unsold collections.
