Are NFTs Really Worthless?
Rolling Stone recently raised eyebrows by claiming that nonfungible tokens, or NFTs, are “finally totally worthless.” Based on a study by DappGambl, the findings suggest that a staggering 95% of NFTs owned by over 23 million investors have no value at all. That’s right, folks—if you bought an NFT thinking you’d bag a fortune, it might just be time to call your uncle about that investment advice.
Study Breakdown
The DappGambl study, aptly titled “Dead NFTs: The Evolving Landscape of the NFT Market,” took a hard look at 73,257 NFT collections. Shockingly, 69,795 of those collections boasted a market capitalization of zero Ether (ETH). It turns out that while some NFTs fetched headline-grabbing prices, less than 1% have ever crossed the $6,000 threshold. Talk about a punch to the gut for NFT enthusiasts!
Community Reactions
The internet being the delightful echo chamber it is, reactions to the report have been all over the place. In a quirkier Reddit thread, users expressed that NFTs were something akin to digital rats—“the worst things to emerge from crypto.” Meanwhile, some are holding onto a faint glimmer of hope, arguing that worthlessness doesn’t mean forever. One optimist chimed in, saying: “Some will make a comeback. Some will go up 1000% because bull.” Let’s just hope they don’t also lead a bull charge off a cliff!
The Rolling Stone Contradiction
Amidst all this chatter, a clever community member pointed out the twist in Rolling Stone’s narrative by sharing an older article that promoted the Bored Ape Yacht Club (BAYC) NFT collection. With a wave of irony, they highlighted how quickly sentiments can shift in the world of digital art. To paraphrase Shakespeare, there’s a lot of drama in the NFT world, folks!
The Gas Usage Shift
As August rolled in, users noticed that Ethereum’s gas usage for NFTs took quite a nosedive, indicating a potential drastic change in how NFTs are being utilized. Two years ago, NFTs were the reigning champs of Ethereum gas usage. Now? They’re crickets in a ghost town, as holders seem to be content clutching their assets rather than flinging them into active trading. Maybe they just found a good knitting pattern to follow instead?
Final Thoughts
As we navigate this dramatic ebb and flow of digital assets, it’s hard to predict the future of NFTs. While they’ve recently been demonized, perhaps the phoenix’s rise from these digital ashes is still possible. For now, if you’re holding onto those JPEGs thinking they’ll skyrocket in value, you might want to consider investing in a nice cactus instead. At least cacti are still cool, quite literally!
