Several years ago, when cryptocurrencies and blockchain erupted, many thought that these new technologies would be the solution to our current economic woes and the dawn of a new era in digital finance. However, analysts now say that majority of NFTs, one of the more promising blockchain creations, are worth nothing.
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According to a recent report by crypto platform dappGambl called “Dead NFTs: The Evolving Landscape of the NFT Market,” 95 percent of the tokens are practically worthless today. The company found that 69,795 of the 73,257 NFT collections analyzed now have a market cap of zero Ether.
Perhaps it’s not surprising as crypto and blockchain only fueled people’s greed without taking into consideration whether there is actual value there or not. Maybe in the future, people may find a means of making these technologies more ubiquitous and versatile, but as of now, they’re worthless.
So, for NFT collectors, this may be bad news, but it might be best to rethink whether you should hold onto your NFTs or even invest in them at all. Read more about it on Futurism.
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Source: neatorama