According to a recent report by crypto platform dappGambl, 95 percent of NFT collections are worthless today.
— roughly $58,700 at the time — which was the lowest it'd been since October 2021.
Since then, the floor price has only continued to sink, reaching depths of just 24 ETH at the time of writing,It's a moment of reckoning for the space, and the future of the tokens is uncertain as ever. Even filtering out just the top value NFTs, dappGambl found that 18 percent of these top collections had a market cap of zero Ether, indicating that even hyped-up collections have become effectively worthless.
That doesn't necessarily mean NFTs have gone away completely, with the report suggesting that NFTs "still have a place in our future." But to weather the storm, the tokens will have to prove they have inherent value, whether that's from being culturally relevant or representing actual art, which is far easier said than done.
Meanwhile, crypto communities are seemingly in denial about the devastating downturn, with some Redditors arguing NFTs are still a
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