Shoutout to NFT Bros Taking Ls on Twitter.
A recent study on NFTs has surfaced, surveying nearly 73,000 NFT collections. The study reveals a staggering finding that approximately 95% of these digital collectibles hold zero value.
This highlights the importance of careful research and evaluation when engaging in the NFT market, which mostly comprises of digitized money laundering schemes and other crypto scam projects.
Much like how Logan Paul scammed his audience of pretentious children with his “CryptoZoo” NFT gaming venture, which you can read more about at loganpaulscams.com and look forward to Logan himself getting obliterated when Dillon Danis knocks him the fuck out on October 14th.
The whole concept of an NFT is fucking hilarious to me, the trend obviously caught on during the big crypto bubble of 2021 and continued gaining momentum moving into 2022, essentially digital assets that are tied to the blockchain, such as Bored Ape Yacht Club and Lazy Lions which offered users the “character dress up” flash player experience of 2005.
During the period spanning 2021 and 2022, the NFT market experienced substantial trading activity, with over $2.8 billion worth of NFTs being exchanged each month at peak.
However, there has been a significant decline in recent times, with the current monthly trading volume plummeting to a comparatively meager $80 million. This sharp reduction in trading figures highlights the notable contraction and decreased interest in the NFT market, or rather idiots finding it difficult to swindle others into buying their apes.
But the difference here is that your shitty custom ape or lion is on the blockchain, so therefore it’s apparently worth something and it totally means that you and only you can own it, so you should spend tens of thousands of dollars in buying your own unique JPG….. which can simply be copied by literally everyone on the internet.
The once booming multi-billion-dollar NFT market has experienced a sharp decline, with the “vast majority” of NFTs now holding little to no value. Through the analysis of over 73,000 NFT collections, the study discovered that nearly 70,000, or approximately 95%, were deemed worthless, valued at 0 ETH.
This finding serves as a lesson to individuals dumb enough to get caught in the craze of buying low rate “fungible artwork”, with thousands of idiotic retail investors losing millions of dollars purchasing these digital assets.
According to the study, an additional insight reveals that over 79% of NFT collections are unsold. This suggests that the these tokens have absolutely fuck all demand.
The real cope from NFT “maxies” is that their digital tokens are worth anywhere from thousands to hundreds of thousands of dollars, but I could just as easily shave off my own pubic hair and list that for sale for a couple million dollars, that doesn’t necessarily mean that it’s actually worth the asking price though, does it?
There’s a stark contrast between the perceived value of NFTs compared to what they are actually worth which apparently for the most part is zero.
It is important to note that this analysis of the NFT market could be influenced by the fact that almost anyone can mint their own NFTs of whatever they like, such as the Mona Lisa or this neat image of a lazy lion collage of right clicking on a computer mouse.
In the study’s examination of the top 1600 NFT collections, it was discovered that the majority of collectibles are priced between $5-100.
This finding indicates that even the most prominent NFT collections are experiencing a lack of interest in the market. It is noteworthy that less than 1% of all NFTs are valued at over $6000, statistically proving that the overall NFT landscape is entirely worthless.
