header banner
Default

A study by Dexerto claims that the NFT crash makes 95% of digital collectibles useless


Table of Contents

Bored Ape NFT with Yuga Labs logo

A new NFT study has emerged, where it polled almost 73,000 NFT collections, and found that 95% of the digital collectibles are worthless.

NFTs have been all the rage since their popularization in 2021 and 2022. Celebrities and companies alike were rushing to create the next Bored Ape. Since their inception, figures like Logan Paul have lost millions purchasing the virtual tokens, and minting collections of collectibles themselves.

Now, a new study has shown that the once multi-billion-dollar marker has crashed, with “the vast majority” of NFTs rendered worthless. The study identified and analyzed over 73,000 NFT collections, and found that almost 70,000, or 95% were worth 0 ETH.

Article continues after ad

The study further claims that over 79% of NFT collections remain unsold, meaning that demand is outstripping supply, thus making the tokens worth much less than their creators would want you to think. This analysis of the overall market might be skewed, however, as almost anyone can mint an NFT of their own.

Subscribe to our newsletter for the latest updates on Esports, Gaming and more.

Top NFT collections analyzed

bapetaverse nft imagesBAPETAVERSE

The study further analyzes the top 1600 NFT collections and found that the most common price for the collectibles is between $5-100. Furthermore, they spotted that 18% of all of the NFTs in these collections are worth absolutely nothing. This means that even the most prominent NFT collections are suffering from the lack of interest in the market, with less than 1% of NFTs in total being worth over $6000.

Article continues after ad

Through 2021 and 2022, the market was trading over $2 billion dollars of NFTs per month. This figure has now dropped to a comparatively paltry $80 million.

The future of NFTs might be bleak right now, but the nature of the market is that we will just never know when they might regain their popularity. As Bitcoin’s prices go through waves, we suspect that the value of NFTs might also rise and fall, too.

Sources


Article information

Author: Cameron Hernandez

Last Updated: 1699789203

Views: 1466

Rating: 4 / 5 (110 voted)

Reviews: 86% of readers found this page helpful

Author information

Name: Cameron Hernandez

Birthday: 2012-11-15

Address: 503 Simpson Prairie Apt. 750, North Debrahaven, SC 64714

Phone: +4669848573919533

Job: Virtual Reality Developer

Hobby: Chess, Orienteering, Swimming, Sculpting, Crochet, Playing Chess, Camping

Introduction: My name is Cameron Hernandez, I am a accomplished, vibrant, steadfast, Precious, Gifted, striking, strong-willed person who loves writing and wants to share my knowledge and understanding with you.