Remember when it was thought that NFTs would be the future of digital buying and selling? Well, those days are long gone: practically all of these assets are no longer worth absolutely nothing.
What happened to the NFTS?
The analytics firm DappGambl published research on the state of NFTs and the results are not encouraging at all. The study revealed that, according to data from NFT Scan and CoinMarketCap, 95% of these tokens are worth absolutely nothing. Out of a total of 73,257 NFTs collections analyzed, 69,795 of them had a value of 0 ETH, the cryptocurrency in which they are supported.
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Roughly speaking, this means that almost 23 million people own NFTs that are worthless today. Considering that these people had to invest money to acquire the assets, this means that they lost a lot of money.
The study also shows that, currently, 79% of all NFTs collections have not been sold, which means that they are no longer even attractive enough to have a first buyer. And even those that do have a track record are in a very bad position: of the top 8,850 collections in terms of market capitalization, 18% have no value, and 41% are priced between $5 and $10 USD. The worst: less than 1% have a price higher than $6,000 USD.
The researchers cautioned that this finding should be a warning against the euphoria that has often surrounded the NFTs space. Those days when some assets were sold for millions of dollars are long, long gone, and they might never come back.
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