A study on NFTs revealed the sad truth. Accordingly, 95 percent of the Non-Fungible Tokens purchased by investors to date have been recorded as worthless.
Frustrating NFT research
A recent report from crypto platform dappGambl called “Dead NFTs: The Evolving Landscape of the NFT Market” stated that 95 percent of tokens are nearly worthless today. The company found that 69,795 of the 73,257 NFT collections analyzed now have a market value of zero Ether.
In other words, 95 percent of the collections purchased by an estimated 23 million people received exclusive rights to JPGs that were essentially worth nothing.
“This sobering reality should serve as a sobering check on the enthusiasm that often surrounds the NFT space,” dappGambl wrote in its analysis. It was said. Additionally, “Among the million-selling digital artworks and overnight success stories, it is easy to overlook the fact that the market is full of pitfalls and potential losses.” Expressions were also used.
The balloon deflated quickly
On the other hand, NFT tokens became the center of attention two years ago, and some sought-after tokens found buyers for millions of dollars at that time. However, when interest decreased significantly, prices began to decline rapidly. For example, in July, the base price of the Bored Ape Yacht Club collection hit a historic low, falling below 30 ETH (about $58,700 at the time), the lowest level since October 2021.
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