95% of NFTs, previously acquired for millions of dollars, rapidly plummeted in worth
Experts ascertained that the majority of non-fungible tokens currently hold negligible value
A recent study by dappGambl, utilising data from NFT Scan and CoinMarketCap services, has revealed a stark reality: 95% of non-fungible tokens (NFTs) have completely lost their market value.
The assessment focused on 73,257 NFT collections, and astonishingly, 69,795 of them were valued at zero. Approximately 23 million individuals own assets worth 0 ether, and it’s unlikely they will find profitability in a saturated NFT market.
The study authors emphasise a sobering reality: the exuberance surrounding NFTs, with tales of digital art fetching millions and claims of overnight triumph, often obscures the market’s inherent risks and potential for losses.
Furthermore, within the most expensive 8,850 NFT collections, experts found that 18% have no utility, and even 1% of these collections fail to reach a value of $6,000. This is a sharp contrast to the millions of dollars investors were willing to pay for these assets just a few years ago.
