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.
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.
