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Renowned media organization Rolling Stone recently claimed that NFTs are completely worthless, referring to a study conducted on NFTs. Data analysis platform DappGambl revealed in its study that approximately 95% of the NFT collections released on the market have no value. Following the publication of the report, the NFT community reacted strongly, with some users considering NFTs as the worst product in the crypto market.
Only 1% of NFT Collections Are Valuable
DappGambl’s study titled “The Evolving Landscape of the NFT Market” analyzed 73,257 selected NFT collections from various ecosystems. Researchers found that out of these collections, 69,795 had zero market value. While millions of dollars were flying around during the NFT frenzy that started in 2021, currently less than 1% of NFTs have a floor price above $6,000. This indicates that valuable works are extremely rare in the NFT market.
The publication of the report sparked various reactions from the NFT community. While some users agreed with the report, others pointed out previous NFT reports by the platform and criticized the analysis platform.
In a Reddit thread, many comments agreed with the report. Some users argued that NFTs are the worst product to emerge in the cryptocurrency market, while others claimed that NFTs have been worthless for years. One user defended the current value of NFTs but stated that the situation could change in the coming years with the following words:
“Some collections will make a comeback and their prices will increase by 1000% because the bull market will once again make pixels worth millions of dollars.”
Opinions on the NFT Market
A user on X shared a change of opinion about this topic and shared an article by Rolling Stone that introduced the Bored Ape Yacht Club NFT Collection. Another user commented, “now is the time to buy,” in response to mainstream media starting to make such posts.
On August 3rd, there was a significant drop in Ethereum gas usage for NFTs. This drop could indicate a potential shift in the NFT field. In 2021, NFTs were at the forefront of Ethereum gas usage. This indicated that NFT owners were actively trading and frequently transferring their assets. However, two years later, NFT marketplaces no longer rank high in gas usage charts.
