Almost 95% of NFT tokens, owned by over 23 million people, have a market capitalization of 0 ETH.
Today, 95% of digital collectibles (NFTs) owned by over 23 million investors are worthless. Business Insider reports this in connection with a dappGambl study.
It is noted that almost 95% of NFT tokens, which are 69,795 out of 73,257 NFT collections, have a market capitalization of 0 ETH (Ethereum).
If you filter out the “worthless” NFTs, most of today’s collections are worthless. Of the top 8,850 collections by market cap, 18% are worth nothing and 41% are worth between $5 and $10. Less than 1% were priced above $6,000 – a far cry from the million-dollar deals two years ago, dappGambl said in a report.
“This shocking fact should serve as a sobering check on the euphoria that often surrounds the NFT space,” the researchers note.
NFTs are digital art images or collectibles tied to a blockchain, typically Ethereum, and each has a unique signature that cannot be copied.
A few years ago there was a “gold rush” for photos and videos. They were turned into NFT crypto assets and sold for millions of dollars. The boom coincided with the cryptocurrency’s peak, when Bitcoin was worth around $70,000.
Right now, 79% of all NFT collections remain unsold, and supply exceeding demand has created a buyer’s market that is doing nothing to restore momentum.
Recall that in May, the countries of the European Union approved the world’s first comprehensive set of rules for regulating crypto assets.
Source: korrespondent
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