In a recent report titled “Dead NFTs: The Evolving Landscape of the NFT Market” by dappGambl, a community of financial and blockchain experts, the once-hyped non-fungible tokens (NFTs) are shown to have lost their luster.
Out of 73,257 NFT collections analyzed, a staggering 95 percent are now worthless in market value, with a market cap of zero Ether (ETH), the second most popular cryptocurrency. Only 21 percent of the collections have found buyers, signaling a significant oversupply in the market.
The report suggests NFTs need clear use cases to regain investor interest, potentially hinting at a shift towards functional applications in the future.
Want to know more? Check out the source code on RollingStone.