95% of NFTs are now worthless, leaving 23 million people with nothing - Printable Version +- EDMW Eat Drink Man Woman Forum edmw (https://edmw.org) +-- Forum: EDMW (https://edmw.org/forumdisplay.php?fid=1) +--- Forum: Eat-Drink-Man-Woman (https://edmw.org/forumdisplay.php?fid=9) +--- Thread: 95% of NFTs are now worthless, leaving 23 million people with nothing (/showthread.php?tid=2349)

95% of NFTs are now worthless, leaving 23 million people with nothing - tripleyou - 09-26-2023 95% of NFTs are now worthless, leaving 23 million people with nothing On September 26, 2023 The crypto community has always touted the technology's inherent openness as a major benefit. Since most data on the blockchain is publicly accessible, everyone may monitor metrics like the total value of transactions, market capitalization, and price changes. Non-Fungible Tokens (NFTs) are widely considered the most overhyped crypto creation to date, and this tool has proven to be invaluable in assessing their current situation. Data compiled and analysed by dappGambl and made public in recent days suggests that as much as 95% of NFT collections are worth exactly zero dollars.     "A staggering 69,795 of the 73,257 NFT collections we found have zero Ether (ETH) in value. After doing some research, we determined that 95% represents more than 23 million people whose investments have lost value." The vast majority of tokens are worthless, and billions of dollars have been literally wiped out (leading to some lawsuits against celebrities like Madonna who promoted NFTs during the craze), even if we ignore the absurdity of paying millions of dollars for randomly generated images of monkeys. If you assume that there is a small number of truly successful companies in each market and a far larger number of unsuccessful ones, you might conclude that the statistics are deceptive. After all, any noob with some free time could have slapped up a failed NFT project that is now contaminating information. Taking this into account, the report's authors focused on the 8,850 largest cryptocurrency holdings as reported by CoinMarketCap to determine if there were any notable differences at this extreme. This time, rather than looking at ownership, they looked at the floor price of listed NFT assets within these collections to gauge what the present owners would think the assets are worth. Over 1,600 of the listed projects were discovered to be absolutely inactive, with a floor price of US$0 (meaning they were effectively free). Most listings had a minimum asking price of less than $100 USD, and less than 1% of them had a ceiling price of more than $6000 USD. Only 80 listings out of 8,850 fall into that specific range. The decline in trading volume was 96% If you still have doubts about the veracity of these results, you may check out the current monthly trade volume as another piece of independently verifiable data. And its decrease to 4% from its 2022 high looks to be highly connected with the collapse. Month-to-month sales of NFTs around the world, via Cryptoslam.io. From a high of just over $6 billion in December 2021, the value of transactions has fallen as recently as last month to a new low of $253 million. A reduction of 95.8 percent! Interestingly, the total number of buyers only decreased by around 65%, from about 1.4 million to under half a million. This suggests that there are still a fair number of people trading in NFTs, but at significantly lower values than previously. Unfortunately, this downward trend shows no signs of stopping very soon.