Is the end near for NFTs and crypto art? For the broad masses, there are many indications of this, and after reaching its peak in 2021 when Paris Hilton, Jimmy Fallon and many other celebrities openly showed their support for it, the air has now completely gone out of the NFT market. This according to a new report from Dappgambl which indicates that 95 per cent of all collections today have a value of zero.
In addition to this, 79 per cent of all crypto collections are completely unsold and of those that actually find a buyer today, only one per cent of these objects have a value of $6,000 or more. The absolute largest share, almost half of all NFTs that are sold, do so at a value between $5 and $100. In other words, far from the millions that people have invested in their digital, bored monkeys.
There are still collections that have a high listed value, but very few of these have actually been sold. For example, Dappgambl found an NFT collection that had a hypothetical value of $13 million but the total sale was only $18. But interest has not only cooled for crypto art but also for digital currencies, where many smaller ones have almost completely disappeared.
However, major players such as BitCoin and Etherium still have a high value, even though the prices are clearly lower than when the rush was at its peak.
What about all this, have you invested anything in cryptocurrencies or NFTs, and do you think they will come back?