A community member highlighted the drastic shift in mainstream media narrative, sharing a previous article promoting the BAYC NFT collection.
Mainstream media outlet Rolling Stone has declared that nonfungible tokens (NFTs) are “finally totally worthless,” citing the results of a DappGambl study on the “evolving landscape” of NFTs. The study found that as many as 95% of NFTs (owned by more than 23 million investors) have no value at all.
Graph showing number of NFTs per floor price. Source: DappGambl
According to DappGambl, the study titled “Dead NFTs: The Evolving Landscape of the NFT Market” analyzed 73,257 NFT collections. Among the thousands of collections, the researchers found that 69,795 of the collections have a market capitalization of zero Ether (ETH).
Despite NFTs grabbing headlines after selling for millions, the study also showed that less than 1% of NFTs have a price tag of over $6,000. This shows that high-value NFT assets are very rare.
After the report was published, the response from the community has been varied, with some agreeing with the report and others linking previous reports from the outlet that supported the same NFTs they’ve now called out.
In a Reddit thread, most of the comments agreed with the report. Some called NFTs the “worst things to emerge from crypto,” and others claimed that they were “worthless ages ago.” Despite this, a community member believes that, while they may be worthless now, this may change in the future. “Some will make a comeback. Some will go up 1000% because bull. People will get mad again that pixels are worth millions,” they wrote.
On X, a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection in an attempt to highlight the change in narrative within the media outlet.
A community member shares a previous report from the outlet. Source: X
Meanwhile, another community member believes that when mainstream media shares these types of posts, a “reversal” is bound to happen, while another backed up the statement by saying that “now is the time to buy.”
On Aug. 3, Ethereum gas usage for NFTs fell significantly, signaling a potential shift in NFT usage, with users holding on to their assets instead of actively trading. In 2021, NFTs were on top in terms of gas usage on the Ethereum network, showing that NFT holders were actively trading and moving their assets. Two years later, NFT marketplaces that once dominated the gas usage charts have now fallen off the list.
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