Most Non-Fungible Tokens (NFTs), a unique asset stored on the blockchain that cannot be replicated (unless you can right-click), have no value. While I’m no fan of lifeless Bored Apes, I’m not saying that just to be mean—cryptocurrency analysts dappGambl determined that out of the 73,257 total NFT collections it analyzed, 69,795 had a 0 Ether (ETH) market cap. Which is to say, $0.
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Even when looking at 8,850 brand-name, top NFT collections like CryptoPunks, 18 percent of them now have a $0 floor price, and 41 percent are worth between $5 and $100, “which may signal a lack of perceived value among these digital assets,” dappGambl surmises.
And, if it’s possible, “the situation may even be bleaker than these numbers suggest,” the analytics site continues.
Do NFTs have a future?
It’s a little funny to hear NFTs being undone in such grim specifics; they suck the life out of Earth and too often look like bad MS Paint jobs. I’m okay with dancing on NFTs’ grave. But dappGambl’s research is depressing for tons of people scammed out of millions through various NFT rug pulls in the crypto zeitgeist over the past two years—including a group of Logan Paul fans still waiting on the $1.3 million he promised as compensation for his nonexistent, NFT-based game CryptoZoo.
More positively, deepGambl’s research could defang future NFT scams by marking them as what they are: worthless.
But “as the market matures, NFTs are likely to […] pivot from mere collectibles to assets with tangible utility and significance,” dappGambl suggests. I don’t know, I think we should let them rest in peace.
