It now appears that 95% of NFTs are now worthless.
They were always worthless, it's just that they have run out of stupid people to keep the mania going:
Just a couple of years ago you'd have no trouble finding some celebrity hawking a non-fungible token (NFT) project. But how quickly times change, as now, even websites dedicated to gambling with cryptocurrency are warning people to stay away from NFTs.
For those who don't recall, NFTs are entries on a blockchain, typically the Ethereum blockchain, that represent ownership of assets – usually a digital asset like an image file or in-game item, but NFTs could also be tied to physical items.
Back in their 2021-22 heyday, collectors were paying millions for NFTs, but crypto gambling website dappGambl now says that most are worthless.
After looking at 73,257 NFT collections (a collection can contain any number of NFTs that can each be bought and sold) based on data from CoinMarketCap and NFTScan, dappGambl said it determined that 69,795 of those collections have a market cap of 0 Ether.
"This statistic effectively means that 95 percent of people holding NFT collections are currently holding onto worthless investments," dappGambl said in its report. "Having looked into those figures, we would estimate that 95 percent to include over 23 million people whose investments are now worthless."
Crypto currency does not work as currency, crypto art does not work as art.
I'm beginning to think that blockchain was a bit over-hyped.
People spent thousands, in come cases millions, of dollars on what was a transparently fraudulent transaction.
I don't get it.
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