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September 21, 2023
Nearly 95% Of NFTs Are Now Worthless, Report Says
Researchers have now pointed out what should have been very obvious to most of the world.
NFTs are nothing more than a Ponzi Scheme, as almost all are dead after having a very short lived boom in 2021.
Currently, 70,000 collections of NFTs have no market value, dappGambl estimated in a recent report.
During its peak, there was an estimated $2.8 billion in monthly trading volume. Now, it is estimated that 23 million hold the worthless virtual assets.
The report, which used data provided by NFT Scan and CoinMarketCap, says 69,795 of the 73,257 NFT collections the researchers examined had a market cap of zero ether. And only 20% of the identified collections have full ownership.
Meaning, nearly 80% of all NFT collections “have remained unsold.”
Reports were already hinting of the expected collapses. The Bored Ape NFT that Justin Bieber purchased for $1.3 million is now worth $60,000.
But that is obviously not true, because we all know that those stupid monkeys are worth $0.
I can’t believe Justin was actually a belieber in all this.
NFT Scan provided the data and the firm believes that many NFT collections face difficulties due to the lack of clear use cases, compelling narratives, or genuine artistic value.
“This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space,” the researchers said. “Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses.”
But the bubble has now burst.
How did people not understand the whole thing was a scam? They literally claimed to "own" an ugly digital cartoon picture that can be screenshotted. Literally, anyone could screenshot it.
What really happened is that the NFT creators decided it was too much work to pretend that any of them were worth anything anymore, and decided to give up on the scheme all together.