Nonfungible tokens (NFTs) are “finally totally worthless,” according to mainstream media source Rolling Stone, citing the findings of DappGambl’s research on the “evolving landscape” of NFTs. According to the report, up to 95% of NFTs, which are owned by over 23 million investors, are completely worthless.
The research “Dead NFTs: The Evolving Landscape of the NFT Market” reportedly looked at 73,257 NFT collections, according to DappGambl. The researchers discovered that 69,795 of the hundreds of collections had a market valuation of 0 ETH, $1,594 each. The analysis revealed that fewer than 1% of NFTs were priced over $6,000, despite some selling for millions. This demonstrates the rarity of high-value NFT assets.
After the study’s release, some supported it, while others cited earlier media-backed NFT findings.
The majority of responses in a Reddit discussion supported the report. Others have referred to NFTs as the “worst things to come out of crypto” and “worthless’ ages ago. Despite this, a community member believes that while they lack value now, their worth may change in the future. Some people will return. Some will increase by 100% due to the bull. The fact that pixels are worth millions would enrage people once more, they predicted.
On X, a community member shared a Rolling Stone article supporting BAYC NFTs to highlight the media outlet’s shift.
Another member of the community asserted that a “reversal” was inevitable when mainstream media reported on these kinds of posts, and another concurred, adding that “now is the time to buy.”
On August 3, Ethereum gas use for NFTs decreased considerably, possibly indicating a shift towards users holding assets instead of aggressively trading. NFTs dominated the Ethereum network in terms of gas consumption in 2021, demonstrating that NFT holders were actively trading and shifting their assets. NFT markets that formerly topped the petrol use rankings have suddenly dropped off the list two years later.
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