Avast ye scallywags! What befallen the NFT crypto art craze, from thunderous acclaim to slumbering in Davy Jones' locker?
2023-09-22
Arrr! As per a recent parchment, the grand NFT market, once a treasure trove of riches, has met with a mighty crash! The future of these peculiar artifacts be more uncertain than a drunken sailor's course!
The 2020s have been a memorable decade so far, with trends like cryptocurrency and NFTs taking the world by storm. NFTs, or non-fungible tokens, are unique digital entities that exist on a blockchain. They gained huge popularity in 2021 and 2022, with collections like Bored Ape NFTs becoming highly sought after.These digital drawings could fetch high prices, and some tried to argue that they were the next evolution of art. However, recent reports suggest that the NFT market has crashed. A study by dappGambl found that the majority of NFTs are now worthless, with nearly 96% of collections valued at 0 ETH. Additionally, over 79% of NFT collections were never sold in the first place.
While some argue that the study's analysis may be skewed, it's clear that the value of NFTs has significantly dropped. The top NFT collections analyzed by dappGambl also showed a decline in value, with only a small percentage holding prices over $6,000. The NFT market, which was once trading at over $2 billion a month, has now fallen to $80 million.
It's uncertain whether this decline will continue or if NFTs will regain their popularity. Just like Bitcoin's price fluctuations, NFTs may experience a similar pattern. For those who have invested in NFTs, it may be wise to monitor their value and consider selling them while they still hold some worth.