In a recent article, Rolling Stone cited research conducted by DappGambl, asserting that non-fungible tokens (NFTs) are essentially devoid of value. The study, titled "Dead NFTs: The Evolving Landscape of the NFT Market," examined 73,257 NFT collections. The findings revealed that a staggering 95% of NFTs, owned by over 23 million investors, have no market value at all.
While NFTs have garnered attention for selling at exorbitant prices, the research indicated that less than 1% of NFTs commanded prices exceeding $6,000. This underscores the rarity of high-value NFT assets.
Following the release of the report, reactions within the community varied. Some individuals concurred with the findings, labeling NFTs as "the worst thing to come out of cryptocurrencies," while others argued that NFTs had been devoid of worth for some time. However, a minority believed that while NFTs might currently lack value, this situation could change in the future, suggesting that certain NFTs may see substantial price increases during bullish market phases.
On Reddit, there was a consensus in agreement with the report's findings. Additionally, some community members pointed to a Rolling Stone article from the past that had promoted the Bored Ape Yacht Club (BAYC) NFT series, highlighting the evolving narrative around NFTs within the media.
One community member speculated that when mainstream media highlights such reports, a "reversal" might be on the horizon, with another endorsing this perspective, asserting that "now is the time to buy."
Notably, Ethereum gas usage for NFTs notably declined on August 3, indicating a potential shift in NFT usage, with more users opting to hold assets rather than actively trade them. In 2021, NFTs were the top gas consumers on the Ethereum network, reflecting active trading and asset transfers. However, two years later, the NFT market, which once dominated gas usage rankings, has fallen significantly.
