95% of digital collectibles (NFTs) owned by 23 million investors have no value. This is evidenced by a study by dappGambl, according to The Register.
The experts came to this conclusion after analyzing 73,257 NFT collections based on CoinMarketCap and NFTScan data. According to their findings, 69,795 NFT collections have a market capitalization of 0 Ethereum (ETH).
NFTs are digital images of collectibles or art that are linked to the blockchain. Each of them has its own signature that cannot be copied.
In the period of 2021-2022, the NFT market saw a significant increase. Back then, collectors were paying millions of dollars for NFTs, but the situation changed over time.
“It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets,” dappGambl said.
As a reminder, NFT of Jack Dorsey’s first-ever tweet, which once cost $2.9 million, was available this summer for only $4.