NFTs, once hyped as a revolution in cryptocurrency and digital art, have crashed since their boom market, becoming worthless.
Highlights
- NFTs, or non-fungible tokens, once a revolution in crypto and digital art, are largely worthless.
- Researchers crunched the numbers to explain why you don’t see people hawking ugly cartoon apes on the internet as much anymore.
- 73,257 NFT collections, 69,795 have a market cap of zero Ether (ETH), the second most-popular cryptocurrency behind Bitcoin.
- Just 21 percent of the collections included in the study can claim full ownership, meaning four out of every five collections remains unsold.
- The study estimates that some 23 million investors own these tokens of no practical use or value.
- The report notes that while we may never see an NFT boom like the one in 2021-2022,
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