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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
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Yes, its largely inexpensive to spin up a new batch of collectibles, so the vast majority of them are indeed worthless because anyone can just make one.
The small handful that are actually collected by the public at large and are considered worth something... continue to be worth something.
It's like grouping thousands of meaningless mass produced collectable trading cards made by game companies that no one actually gives a shit about, in with the likes of MTG/Pokemon/Hockey/Baseball/etc
Like yeah if you look at it as a whole, no one gives a shit about 99% of them, because its literally just ink on paper, so its not exactly that hard to shit out yet another "collectible" no one cares about.
But the public will latch onto the very small handful that actually hold some form of appeal, and those will absolutely continue to hold value.
99.9% of Magic the Gathering cards aren't worth the ink and paper they are made of.
Doesnt have any bearing on whether your mint condition Black Lotus is worth $$$$
Which NFTs continue to hold value? What's the Black Lotus of NFTs?
As far as I know, the "MTG" or "Baseball/Hockey" cards of NFT backed images continues to be bored apes and crypto punks. The consistently stay at the top by volume and make up very large portions of trade volume each month.
I couldn't tell you what the "Black Lotus" is of those collections as I don't actually care that much about Image NFT trading, I know of it but Im not like, integrated with the community. Im sure there are a handful of items that are prized though.
Overall, this study and article imo just confirms Sturgeon's revelation and thats about it.
It's about as useful as saying that 90% of websites on the internet continue to be crap, or that 90% of youtube channels aren't popular.
Doesn't matter because the top 1% are all people really care about anyways, and the nuggets of value naturally float to the top through market selection.
So none of them. Got it.
It's one thing to dislike the concept.
It's another to ignorantly ignore the indisputable fact that hundreds of millions of dollars worth of transactions happen every month, and the market caps for each collection are easy to look up.
Last 24h alone, as of writing this post, Bored Apes alone had almost 1.8 million dollars in transactions.
I don't even collect nfts myself but I'm not going to deny the tens of billions of dollars that move around on that platform this year.
Is it less than 2021? Oh God yes, way lower, major cooling off.
But calling billions of dollars moving around "dead" is foolish at best.