Mainstream media giant Rolling Stone has raised eyebrows in the crypto world by asserting that nonfungible tokens (NFTs) have become “ultimately valueless.” This declaration follows the publication of a DappGambl study titled “Dead NFTs: The Evolving Landscape of the NFT Market,” which evaluated the status of NFTs in the ever-changing market.
According to the research, which examined 73,257 NFT collections, an astounding 95% of NFTs held by over 23 million investors are deemed to possess no intrinsic value whatsoever. To be more specific, the study discovered that among the myriad NFT collections, a staggering 69,795 of them carry a market capitalization of zero Ether.
Despite the headlines garnered by NFTs fetching multimillion-dollar sums, the study also shed light on a stark reality: less than 1% of NFTs boast a price tag exceeding $6,000. This statistic highlights the rarity of high-value NFT assets in the market.
Predictably, the response from the crypto community has been mixed. While some have concurred with Rolling Stone’s assessment, labeling NFTs as “crypto’s worst creations” and declaring them “devoid of value” since long ago, others maintain a more optimistic view. Some foresee a potential comeback for certain NFTs, buoyed by market trends and sentiment. They argue that despite their current perceived worthlessness, these digital assets may regain significant value, triggering another surge of interest and investment.
Interestingly, one community member took to Reddit to emphasize the evolving stance of mainstream media outlets like Rolling Stone. They shared a previous article from the publication that had enthusiastically promoted the Bored Ape Yacht Club (BAYC) NFT collection, highlighting the noticeable shift in narrative.
Amidst these debates, some enthusiasts see mainstream media skepticism as a potential sign of a market reversal, suggesting that now could be an opportune time to invest in NFTs.
The recent decline in Ethereum gas usage for NFT transactions on August 3, 2023, may also indicate a shift in NFT behavior. Previously, NFTs dominated Ethereum’s gas usage charts, demonstrating active trading and asset movement. However, the recent drop-off suggests that NFT holders may be opting to hold onto their assets rather than engage in frequent trading, signifying a potential transformation in the NFT landscape.
As the debate over NFTs’ true worth continues, the crypto community remains vigilant, waiting to see how these digital collectibles will evolve in an ever-changing market.