Dead NFTs: The Evolving Landscape of the NFT Market
Dead NFTs: The Evolving Landscape of the NFT Market
Are NFTs (Non Fungible Tokens) dead? Maybe so. We analysed over 60.000 NFTs to find out which ones are still valuable.
TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There's an oversupply of NFTs, leading to a buyer's market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.
I hate the crypto market so much, but ESPECIALLY nfts.
Nfts were blatantly a scam. It 2as a very in your face scam, it was giving money to someone else for literally nothing. It was obvious time from day 1 that it was just an avenue for rich people to launder money and have it look legit.
But the media fell for the new trend hook, line, and sinker. Instead of telling people it was a scam from day 1, which it *obviously was," the major news networks (at least here in the US) talked about nfts as if it was a legit new type of cool investment. They stopped short of telling people to buy them so that they couldn't get sued, but they hyped the fuck out of NFTs. CONSTANTLY. Any time I listened to any cable news for more than 30 minutes around mid 2021, I heard NFTs get mentioned at least once, and very rarely was that mention skeptical or a warning.
And now all the people who bought into the hype are left holding the bag, as always, a d the rich people who scammed them get to keep all the money, as always, and the media is facing no repercussions for their contribution to the scam, as always. It's so frustrating to watch
I can assure you if you were watching a programme that was hyping nfts, you weren't watching "news"
WTF is up with your media over there?!?
WTF is up with your media over there?!?
Once again, so many things currently wrong with the USA can be traced back to the Regan administration.
The fairness doctrine of the United States Federal Communications Commission (FCC), introduced in 1949, was a policy that required the holders of broadcast licenses both to present controversial issues of public importance and to do so in a manner that fairly reflected differing viewpoints.[1]
In 1987, the FCC abolished the fairness doctrine
The demise of this FCC rule has been cited as a contributing factor in the rising level of party polarization in the United States
After that news programs had no responsibility to be truthful in any real sense.
Can't speak for nfts, but mainstream morning news shows absolutely shilled for the metaverse. It was embarrassing. Cringe, even.
You mean the guy who owns of hundreds of local, national, and international publishing outlets around the world, including in the UK (The Sun and The Times), in Australia (The Daily Telegraph, Herald Sun, and The Australian), in the US (The Wall Street Journal and the New York Post), book publisher HarperCollins, and the television broadcasting channels Sky News Australia and Fox News (through the Fox Corporation). He was also the owner of Sky (until 2018), 21st Century Fox (until 2019), and the now-defunct News of the World?
We shouldn’t of let him in, but we didn’t create him.
NFT technology will not go away. It will be in a different form, not trading cards with shitty jpegs attached
NFT technology will not go away.
NFT's are nothing more than digital receipts. They do not stop copying what ever the receipt points to and they are nothing special at all.
If the web address your NFT points to disappears due to the site shutting down. Your NFT is beyond worthless.
From the Economist.
Quote:
To "own" one means having your ownership recorded on a digital ledger—nothing more.
You’re right. It will evolve into a different even more stupid scam on the blockchain. And people will fall for it again.
Some crypto has legit use, but a lot of it is scams for sure.
It was tulips all along, but stupider.
Your day is coming soon, cryptocurrency.
Tulip mania speculated on the unknown future outcome of a tulip bulb.
How are NFTs anything like that? You can clearly see (and copy) the content of NFTs, it's literally the opposite of tulips.
Some crypto is actually useful. Most is not.
At least with other speculative crashes like say beanie babies you were left with a cute toy.
No kidding. Hey I've got a great idea for a new marketplace, BeaNFT. You can waste your money but get an upcycled Beanie Baby in the process.
It’s not evolution, it’s an extinction event.
Haha one would hope so. I’m not buying any of their "this is the future of NFTs" aspects either. I feel like the only thing that could work are things like in game cosmetics, but that’s controlled by one company and in an controlled environment so why would you need to have an NFT for that.
But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!
Haha nice one!
Shocking, I know.