Yes, Virginia, NFT’s Are a Scam

DappGambl:

Data from the Block reveals a weekly traded value of around $80 million in July 2023, just 3% of its peak back in August 2021. So what happened? NFTs had a bull run then crashed. Hard. We now find ourselves in the midst of a bear market for NFTs, with numerous projects now struggling to find buyers following a pessimistic market outlook on their future value. [...]

Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH).

This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people whose investments are now worthless.

Shocker.

(Via Kevin Drum, who quips: “We all like to think we’ve gotten smarter over the years, but at least the tulip bubble folks ended up with some pretty flowers.”)

★ Friday, 22 September 2023