As you already know, a couple of years ago the NFT business became fashionable, which are unique digital files that from the beginning reached very high prices and that made everyone join this market, either as seller or investor who bought them so that they would increase in price. However, after a short time they have been considered as something of no value.
A report of dappGambl based on data provided by NFT Scan and CoinMarketCap indicated that the 95% of tokens Non-fungible items no longer had any value. Of 73,257 NFT collections, 69,795 of them had a market capitalization of zero ether. Implying that approximately 23 million users own these files that they purchased without future compensation.
Here is what the researchers mentioned:
This disheartening reality should serve as a sobering brake on the euphoria that has often surrounded the NFT space. Amid stories of digital art pieces selling for millions and overnight success stories, it’s easy to overlook the fact that the market is rife with difficulties and potential losses.
These tokens had their rise and fall between 2021 and 2022 but all that has ended in the most fleeting way possible. Currently, 79% of all NFT collections remain unsold and the excess of supply over demand has created a buyer’s market that does nothing to revive the market, even at the time companies like Konami they managed to sell the series Castlevania.
One of the companies that was saved in time was Square Enix, given that they had sold a large part of their western division to invest in this market, a decision they would regret shortly after it became known that this business was not going up.
Editor’s note: It was obvious that these NFT apes were going to go downhill eventually, the bad thing is for those who invested thousands of dollars in each one and now they are of absolutely no use to them. I’m glad this market didn’t progress.
#NFT #business #died