that the cryptocurrency community and the internet in general was once abuzz with the revolutionary concept of NFTs, unique digital assets representing ownership or proof of authenticity of a specific digital item or piece of content, typically tied to a blockchain.
These digital collectibles experienced a meteoric rise in 2021 and 2022, with the market witnessing a colossal bull run, leading to a staggering $2.8 billion in monthly trading volumes. High-profile collections like Bored Apes and CryptoPunks were the darling of investors, fetching millions of dollars and drawing celebrities like Stephen Curry and Snoop Dogg into the fray.
This alarming scenario implies that a vast majority of NFTs have crashed to a value of zero, rendering them essentially worthless and impacting almost 23 million holders of these digital assets. The study further divulges that 79 percent of all NFT collections currently remain unsold, creating a surplus of supply over demand and a buyer’s market that has done little to rekindle enthusiasm. Even after filtering out lower-value, less significant projects, the majority of collections hold minimal value today.