← Go back Sep 09, 2023
Once upon a time, crypto enthusiasts enthusiastically invested in digital artwork NFTs, such as apes, punks, and rocks. However, the hype faded during a , leading to a 10% to 45% decline in NFT sales across major blockchains like Ethereum, Polygon, Solana, Bitcoin, BNB, and Cardano. Only a few exceptions, like Flow and Mythos Chain, bucked the trend. Simultaneously, the number of NFT buyers dwindled. A recent dappGambl study found that the majority of NFTs lacked value. Among 73,257 collections analyzed, approximately 95% had no market value in terms of Ether, affecting over 23 million individuals. Top NFT collections revealed over 1,600 inactive NFTs, with 18% entirely worthless, primarily priced between $5 and $100. The NFT market currently grapples with a supply-demand imbalance, creating a buyer’s market. Potential investors carefully scrutinize NFT style, uniqueness, and potential value, leaving projects without clear use cases, narratives, or artistic value struggling to attract attention and sales. Only 21% of NFT collections found complete buyers, leaving nearly 4 out of 5 collections unsold. While some deem NFTs as a dead asset class due to the current state, dappGambl believes they still hold a place in the future. They anticipate an evolution within NFTs, asserting that the 2021 hype was bound to fade, as overhyped trends typically do. In conclusion, despite the recent challenges, dappGambl remains optimistic about the potential resurgence of NFTs in the long run.
Read more: coinspress
