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