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 also revealed that fewer than 1% of NFTs had a price tag of more than $6,000, despite the fact that NFTs have garnered attention after selling for millions. This demonstrates the rarity of high-value NFT assets.
After the study was released, the community’s reaction was mixed, with some people supporting it while others citing earlier findings from the media that had backed the NFTs they were now criticizing.
The majority of responses in a Reddit discussion supported the report. NFTs have been referred to as the “worst things to come out of crypto” and “worthless ages ago” by others. Despite this, a member of the community thinks that even though they might not have any value right now, that might alter 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 member of the community published an earlier Rolling Stone piece supporting the Bored Ape Yacht Club’s (BAYC) NFT collection in an effort to draw attention to the media outlet’s shift in perspective.
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, potentially indicating a change in the way NFTs are used, with users hanging onto their assets rather than 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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