NFTs are ‘absolutely worthless’ says mainstream media, community responds

Mainstream media outlet Rolling Stone has declared that non-fungible tokens (NFTs) are ultimately “absolutely worthless,” citing the results of a DappGamble study and declaring the “evolving landscape” of NFTs. The research shows that up to 95% of NFTs (owned by more than 23 million investors) have no value.

According to DappGamble, the study titled “Dead NFTs: The Evolving Landscape of the NFT Market” analyzed 73,257 NFT collections. Among the thousands of clusters, the researchers have 69,795 clusters with a market capitalization of zero Ether (ETH).

While NFTs grab headlines after selling for millions, research shows that less than 1% of NFTs are worth more than $6,000. This shows that there are very few high value NFT assets.

After the report was published, community reactions were mixed, with some agreeing with the report and others linking to earlier reports in support of what they now call NFTs.

In the Reddit thread, most comments agreed with the report. Some called NFTs “the worst things to come out of crypto,” while others called them “worthless ages ago.” However, one member of the community believes that, while they may be worthless now, this could change in the future. “Some will come back again. Some will go up 1000% because bull. People will get mad again because there are millions of pixels,” he wrote.

Over at X, a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT Collection in an attempt to highlight a shift in the narrative in the media.

Meanwhile, another member of the community believes that when mainstream media shares these types of posts, “backlash” is bound to happen, while another backs up the statement by saying, “Now is the time to buy.”

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In the year On August 3, Ethereum Gas usage for NFTs dropped significantly, indicating a possible shift in NFT usage, with users holding their assets instead of actively trading them. In the year In 2021, NFTs were at their peak in terms of gas usage on the Ethereum network, indicating that NFT holders were actively trading and moving their assets. Two years later, the NFT marketplaces that once dominated the gas usage charts have now fallen off the list.

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