Study Shows Vast Majority of NFTs Are Worthless as Market Implodes

Study finds 95% of NFT collections are worthless as market collapses
79% of collections remain unsold amid oversaturation and buyer wariness
Even among top NFTs, 13% of prominent collections have zero value
High-value NFTs over $6,000 are extremely rare even among popular collections
Sellers' pricing is disconnected from assets' trading history and demand

newsmax.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.

9/12/2023

NFT Market Crashes After 2021 Hype, But Utility and Mainstream Adoption Could Drive Future Growth

The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.

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.

10/17/2023

New fund backs Bitcoin NFTs, buys $85K rock amid protocol clashes

A new fund called Unbroken Chain plans to raise $5 million to trade Ordinals and inscriptions, non-fungible tokens (NFTs) stored on the Bitcoin blockchain, despite controversy over their impact on network congestion and fees.

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 9/22/2023, 9:44:26 PM

Study Shows Vast Majority of NFTs Are Worthless as Market Implodes

Study finds 95% of NFT collections are worthless as market collapses
79% of collections remain unsold amid oversaturation and buyer wariness
Even among top NFTs, 13% of prominent collections have zero value
High-value NFTs over $6,000 are extremely rare even among popular collections
Sellers' pricing is disconnected from assets' trading history and demand

newsmax.com

Relevant topic timeline:

8/28/2023

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

9/12/2023

NFT Market Crashes After 2021 Hype, But Utility and Mainstream Adoption Could Drive Future Growth

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

10/17/2023

New fund backs Bitcoin NFTs, buys $85K rock amid protocol clashes

10/20/2023

NFT Bubble Bursts Like Tulip Mania of Old