this post was submitted on 17 Dec 2023
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The vast majority of NFTs are worthless now
And this is a report from a crypto website with a vested interest in pretending crypto has uses.
Those are the transactions that are actually happening.
I'm sure there are lots of transactions that aren't happening because people have given up, and decided that a 99.9% loss in value is basically a 100% loss in value, so they've just walked away.
It’s like people who think their Beanie babies are still priceless.
Its hard to be definitive, especially from one data point, but theres no doubt that lots of NFTs are just copycats trying to ride the coattails of other succesful projects, and end up flooding the market with garbage.
But that doesnt mean all projects are garbage, nor that the tech is bad or unutilized.
I had a feeling id get flamed by even mentioning NFTs, so im not surprised a the downvotes or derision. Anyways, have a good one 😃