The mainstream media "Rolling Stone" recently cited DappGambl's research on the "ever-changing landscape" of NFTs, claiming that non-fungible tokens (NFTs) "have finally become completely worthless." The study found that as many as 95% of NFTs (owned by over 23 million investors) have no value at all.
According to DappGambl, the study, titled "The Death of NFTs: The Ever-Evolving Landscape of the NFT Market," analyzed 73,257 NFT collections. Researchers found that out of the thousands of collections, 69,795 had a market value of zero Ether (ETH).
Despite NFTs dominating headlines with multimillion-dollar sales, the research also revealed that less than 1% of NFTs are priced above $6,000. This indicates that high-value NFT assets are extremely rare.
Following the report's release, the community's response has been mixed, with some agreeing with the report while others have linked to Rolling Stone's previous reports, where they fully supported the NFTs that they are now pessimistic about.
On Reddit, most comments agreed with the report. Some referred to NFTs as "the worst thing to happen to cryptocurrency," while others claimed they are "worthless." Nevertheless, a community member believed that while they may be worthless now, things could change in the future. "Some will make a comeback. Some will rise 1000% due to a bull market. People will go crazy again for pixel values worth millions," they wrote.
On X, a community member shared a previous article from "Rolling Stone" magazine promoting the NFT series of the Bored Ape Yacht Club (BAYC), attempting to emphasize the change in the media's narrative.
Meanwhile, another community member believed that when mainstream media shares such articles, this kind of "slap in the face" situation is bound to happen, while another community member supported this view, stating "now is the time to buy."
On August 3, the Ethereum gas usage for NFTs saw a significant decrease, indicating a potential shift in NFT usage, with more users holding assets rather than actively trading. In 2021, NFTs led the gas usage on the Ethereum network, indicating that NFT holders were actively trading and transferring assets. Two years later, the once dominant NFT market has fallen out of the gas usage rankings.
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