NFTs Crash, Leaving 95% of Digital Collectibles Worthless
A new report by researchers at DappGambl reveals that the world of non-fungible tokens (NFTs) has come crashing down, with 95% of digital collectibles now worthless. Out of the 73,257 collections examined, 69,795 have no value in Ethereum. This means that the estimated 23 million holders of these NFTs have lost their investments.
The report serves as a reminder that the NFT market is not immune to pitfalls and potential losses, despite stories of digital art pieces selling for millions and overnight success stories. It cautions against the euphoria that has often surrounded the NFT space.
NFTs Will Evolve
Despite the current crisis, dappGambl researchers believe that digital collectibles may survive. They assert that once the dust settles, an evolution within NFTs will occur. However, they acknowledge that the hype surrounding NFTs in 2021 was bound to fail, as overhyped trends often do.
To weather market downturns and retain lasting value, NFTs need to be historically relevant (like first-edition Pokémon cards), true art, or provide genuine utility.
Hot Take: The Culture of NFTs is Dead
Aaron Sage on Twitter declared that NFTs will never return to their peak in 2021 because the culture surrounding them is dead. He attributes this death to various factors. Despite this perspective, there is still hope for NFTs to evolve and find their place in the market.
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