This urgent of NFT news will make you switch to Bitcoin now
Is The NFT hype over? Do you remember when every other tweet was about NFTs and those quirky digital artworks? Well, it seems like the NFT storm may have settled… for now. Recent insights from industry gurus are quite the conversation starter the NFT world.
A deep dive titled “Dead NFTs: The Evolving Landscape of the NFT Market” by the folks at dappGambl, renowned experts in the blockchain universe, reveals something staggering. Out of 73,257 NFT collections they looked into, a whopping 69,795 have a market cap of, get this… zero Ether (ETH)!
Yes, that’s Ethereum we’re talking about, right after Bitcoin in the crypto hall of fame. Simply put, 95 percent of NFTs won’t make you richer by even a cent today. And remember, we’re talking about the same assets that had everyone and their aunt buzzing with a trading volume of 17 billion dollars in the frenetic 2021 market.
But there’s more. Ever heard the phrase “too much of anything is bad?” It seems that’s exactly what happened here. The supply of NFTs outdid the demand, with just 21 percent of collections getting completely owned. That leaves a staggering number of NFT collections still waiting for buyers.
And with the consumer palette getting sharper and choosier, NFT projects that don’t tell a compelling story or miss the mark in artistic depth are getting the cold shoulder.
Where’s The Money At?
Let’s talk numbers. Those flashy headlines from yesteryears talking about NFTs selling for millions in crypto? Today, you’d find less than one percent of them priced over $6,000. Most are hovering between the $5 to $100 range. Here’s a zinger: a significant chunk of these so-called “elite” collections have a starting price of zilch. Nada. Nothing. So, while sellers might be marking these high prices, real market demand might sing a very different tune.
That said, the dappGambl team believes this isn’t the end for NFTs. There’s potential for them to adapt and evolve. Imagine using an NFT as a ticket to your favorite artist’s concert or trading them in the next blockbuster video game. Sounds neat, right?
Let’s switch gears and discuss something that’s been a thorn in the side of the NFT wave: the environmental impact. Every single NFT is minted on the blockchain, and while it’s a revolutionary tech, it’s also quite the power guzzler. The energy used to create and trade these tokens is substantial. The Dead NFTs report drops a major bomb, highlighting that the carbon emissions from NFT collections, which frankly no one seems to want, equals the annual emissions of 2,048 homes or 3,531 cars. Ouch!
Back in the day, the excitement around NFTs was so overwhelming that environmental concerns were often swept under the rug. But with the current state of the market and our growing consciousness about climate change, will the NFT community take steps to address this?
NFTs brought about a digital renaissance, challenging the way we looked at art, ownership, and value in the online space. But like everything in the tech world, it’s fast-paced, and trends shift quickly. While the fervor around NFTs has dimmed, it opens up the floor for a larger discussion: What will be the next big thing, and will it be more sustainable? And most importantly, are you ready for it?