During the 2021 bull run, NFTs, the shining stars of the cryptocurrency market, presented vast opportunities and created many new millionaires. In this phase, with an impressive monthly trading volume of $2.8 billion, the NFT market drew all eyes upon itself. Its current state is now surprising to many.
According to the latest research conducted by dappGambl, an overwhelming majority of NFT collections now have a market value of zero.
“The NFT market has undergone significant transformation since its brightest days; a vast majority of NFTs now possess a market value of zero Ethereum.”
DappGambl’s Observations: Are a Majority of NFTs Now Worthless?
DappGambl’s comprehensive study reveals that out of 73,257 NFT collections in the market, 69,795, or 95%, have a zero Ethereum market value. Moreover, four of these collections have not been entirely sold.
So, what’s the situation with the leading collections in the market?
Unfortunately, the scenario isn’t very bright for them either. Many might assume that popular and prestigious NFT collections should remain unaffected by this stagnation. However, the numbers tell a different story. Approximately 18% of even the most prestigious NFT collections listed on CoinMarketCap have a minimum value of zero.
Reflections on the Future of NFTs
Despite these figures, the research indicates that the future of NFTs is not entirely bleak. As the market matures, interest in NFTs that genuinely create value is increasing. NFTs that offer tangible benefits, such as preserving cultural heritage, in-game purchases, or use in real estate, are distinguished from those created merely for speculation.
In conclusion, the NFT market remains volatile, especially for new investors, necessitating caution. However, original NFTs that create value and offer tangible advantages might reveal their true worth in this domain.
Source: Cryptonomist
