With the continuous growth of the cryptocurrency and blockchain world in recent years, NFT technology emerged. This technology, which has gone viral worldwide, has enabled the buying and selling of digital assets.
While news of NFTs being sold for millions of dollars has been a constant topic in the tech world, major companies have already begun investing in this space. However, with the recent decline in the popularity of the NFT world, expectations have diminished. Here’s the current state of the NFT market…
The current state of the NFT market: 95% of collections are worthless!
A report prepared based on data shared by crypto platforms NFT SCAN and CoinMarketCap revealed that out of 73,257 NFT collections, 69,795 have a value of 0 Ethereum, meaning they are worthless.
According to estimates, approximately 23 million people are holding NFTs that have no value. It is not known whether a significant portion of these individuals paid money to acquire the NFTs. This is the real crux of the matter.
The SEC investigated Impact Theory, a US-based media company, for making NFT sales with an investment contract.
Experts in NFT technology are saying the following about this report: “It is clear that a significant portion of the NFT market is characterized by speculative and promising pricing strategies that are far removed from the real trading history of these assets.”
Furthermore, the evident disconnect between listed prices and actual sales may indicate that many sellers are expecting another significant surge in NFT interest, similar to what was witnessed in 2021 but may never occur again.”
The NFT market was most vibrant in 2021 and 2022, coinciding with the bull market and reaching a monthly trading volume of up to $2.8 billion. Expectations also soared as the cryptocurrency Bitcoin approached $70,000. However, the current value of Bitcoin is hovering between $26,000 and $28,000.
What are your thoughts on this topic? Do you think the NFT market is, as many claim, a bubble? You can share your opinions with us in the comments section below.
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