Rolling Stone Declares Most NFTs 'Worthless' in New Report, Crypto Community Has Mixed Response

Mainstream media outlet Rolling Stone declared NFTs 'totally worthless' citing a study showing 95% have no value.
Study analyzed over 73,000 NFT collections and found 69,795 have zero market capitalization.
High-value NFTs are rare - less than 1% are over $6,000.
Crypto community had mixed response - some agreed NFTs are worthless, others said this could change in the future.
One member highlighted Rolling Stone previously promoted BAYC NFTs, showing shift in narrative.

cointelegraph.com

Relevant topic timeline:

8/28/2023

For the first time, the SEC has charged an NFT project with selling unregistered securities

The US Securities and Exchange Commission (SEC) has taken its first enforcement action against a company for selling unregistered securities in the form of non-fungible tokens (NFTs), with Impact Theory settling with the SEC for over $6.1 million and decommissioning its Founder's Key NFTs.

9/13/2023

SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering

The Securities and Exchange Commission (SEC) has determined that the sale of non-fungible tokens (NFTs) tied to the Stoner Cats web series was illegal, as the NFTs were considered unregistered securities, resulting in a $1 million fine and the destruction of all remaining NFTs for the company behind the series, Stoner Cats 2 (SC2).

9/13/2023

Google Greenlights NFT Game Ads, Milady NFTs Exploited, Insurers Exclude NFTs, Metaverse Struggles in West, NFT Restaurant Closes

Google will allow games featuring nonfungible tokens (NFTs) to advertise on its platform, a developer stole $1 million from the Milady NFT collection, CNA Insurance excludes NFT coverage from a $20-million policy, the metaverse is popular in Asian markets, and Binance ends support for Polygon-based NFTs.

9/20/2023

NFT Market Crashes as Sales Plummet and Prices Crater for Majority of Collections

A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.

9/25/2023

Crypto Crash Deflates NFT Bubble: Report Finds 95% of NFTs Now Worthless After 2021 Frenzy

As many as 95 percent of non-fungible tokens (NFTs) created during the cryptocurrency bull run are now worthless, according to a report, highlighting the decline in NFT valuation as the cryptocurrency craze subsided.

10/12/2023

Major brands jump on NFT bandwagon, but market crash dents the hype

The majority of NFTs are reportedly worthless, with 69,795 out of 73,257 NFT collections having zero market cap, and 95% of NFT owners have lost money, leading major brands such as GameStop, Nivea, and Anheuser-Busch to reconsider their NFT ventures.

10/20/2023

NFT Bubble Bursts Like Tulip Mania of Old

The company that tracks NFTs has declared that most NFTs are now worthless, with around 23 million people investing in NFTs that have no value, and the actual number of worthless assets may be even higher than reported due to pricing oddities within the market.

Topics

Posted 9/21/2023, 9:11:15 AM

Rolling Stone Declares Most NFTs 'Worthless' in New Report, Crypto Community Has Mixed Response

Mainstream media outlet Rolling Stone declared NFTs 'totally worthless' citing a study showing 95% have no value.
Study analyzed over 73,000 NFT collections and found 69,795 have zero market capitalization.
High-value NFTs are rare - less than 1% are over $6,000.
Crypto community had mixed response - some agreed NFTs are worthless, others said this could change in the future.
One member highlighted Rolling Stone previously promoted BAYC NFTs, showing shift in narrative.

cointelegraph.com

Relevant topic timeline:

8/28/2023

For the first time, the SEC has charged an NFT project with selling unregistered securities

9/13/2023

SEC Fines Stoner Cats NFT Creators $1M for Illegal Securities Offering

9/13/2023

Google Greenlights NFT Game Ads, Milady NFTs Exploited, Insurers Exclude NFTs, Metaverse Struggles in West, NFT Restaurant Closes

9/20/2023

NFT Market Crashes as Sales Plummet and Prices Crater for Majority of Collections

A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.

9/25/2023

Crypto Crash Deflates NFT Bubble: Report Finds 95% of NFTs Now Worthless After 2021 Frenzy

10/12/2023

Major brands jump on NFT bandwagon, but market crash dents the hype

10/20/2023

NFT Bubble Bursts Like Tulip Mania of Old