NFTs are a scam. Everyone from Coffeezilla to Tech Lead to Barrack Obama thought so back in 2021. Today that skepticism seems more prescient than ever.
Non-fungible tokens, once heralded as the future of digital assets, are now labeled “dead” by a staggering 96%, according to nftevening.com .
Is there any coming back from this one?
The Current State of the NFT Market
After dissecting over 5,000 NFT collections and 5 million transactions, the report reveals that the digital collectible market is nearly lifeless.
With 96% of NFTs showing zero trades, minimal sales, and ghostly social media presence, the sector seems on the edge of oblivion.
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As the bubble deflates, it’s clear that digital ownership is battling serious hurdles. Dormant projects litter the scene, and the average NFT investor is facing 43% in losses.
With NFTs lasting only 1.14 years, they’re fading quicker than traditional crypto ventures.
The Future of NFTs: Uncertainty Ahead
The nftevening.com report also uncovered glaring gaps in profits from NFT investors.
Earlier this year, Pudgy Penguins took a nosedive, with some investors facing a staggering 97% in losses. Even the once-mighty Crypto Punks aren’t immune, selling at record-breaking lows .
While skepticism surrounds the sustainability of NFTs, there’s still a lot that can keep the industry alive.
- NFTs can revolutionize ownership rights and royalties for digital artists
- Owning digital collectibles in video games still hasn’t been explored
- The space is still early.
Everyone and their dog launched digital art in 2021 and 2022, yet only a few projects had the foresight to keep people interested.
With dead assets piling up and investors feeling the pinch, NFTs find themselves in a precarious spot. While they aren’t ‘dead,’ this is a definitive and empirical low point.
READ MORE: Crypto Industry Accounts For Nearly Half Of Corporate Election Spending
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
