Are NFTs worthless?

Researchers have examined the data to determine the following reasons why there aren't as many suppliers of cartoon apes online these days: Initially hailed as a revolution in digital currency and art, NFTs, or non-fungible tokens, are maybe fundamentally meaningless.

Dead NFTs: The Evolving Landscape of the NFT Market is the title of a recent article published by dappGambl, a team of experts in blockchain and finance. After looking at 73,257 NFT collections, the researchers found that 69,795 of them have a market cap of exactly 0 ETH, the second-most popular cryptocurrency after Bitcoin. 95% of NFTs wouldn't be worth anything now, according to a sharp decline for assets that reached a $17 billion trading volume in 2021 during a frenzied bull market. Over 23 million investors reportedly own these worthless tokens, according to the poll.

In addition, there is a huge supply of NFTs compared to demand. Over 80% of the collections analyzed in the survey do not yet have buyers because just 21% of them are fully owned. According to the study, because consumers are becoming more selective, "projects that lack clear use cases, compelling narratives, or genuine artistic value are finding it increasingly difficult to attract attention and sales."...