When NFTs first came around and people started buying them up for obscene amounts of cash, I had a dreadful feeling that I was missing out. I feared that in years to come, I’d be sitting on the sidelines watching everyone else get filthy rich off their digital monkey avatars. After all, I was skeptical about Bitcoin too, and ended up missing the boat completely. If I wasn’t so careful stingy, maybe I’d have a few extra thousand quid to play around with right now.
Well, the good news is that those of us who were dubious about NFTs have finally been vindicated, as Yahoo Finance reports that 95% of NFTs are literally worthless right now. As in, worth precisely $0. You can barely give them away for free!
A report by dappGambl based on data provided by NFT Scan and CoinMarketCap showed that out of 73,257 NFT collections the researchers looked at, 69,795 of them, or slightly over 95%, had a market cap of zero ether. By their estimates, almost 23 million people hold these worthless assets.
The researchers at dappGambl said:
This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space. Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses.
How mental is that? 23 million people paid for their NFTs through the nose and now their digital art is worth zilch. 95% of the NFT markets isn’t worth a penny!
It’s just such a good feeling to watch it all come crashing down after having all that FOMO for so long. I know I shouldn’t feel this amount of joy over people potentially losing millions of dollars, but it’s nice to know that being tight with your cash can pay off sometimes. No matter how many YouTube videos on NFTs I watched, something about paying that much money for a goofy-looking monkey seemed really stupid. In the end, it absolutely was.
One of the big NFT losers is Justin Bieber – who paid $1.3 million for this bored ape NFT. Doubt he’s kicking himself too much, though.
