New report suggests that the majority of NFTs are now worthless

Not too long ago, it seemed as though NFTs were going to be the next big thing in the world of art, but a new report shows that the vast majority of them are now worthless. 

The non-fungible tokens, a unique form of digital identification that allowed individuals to own art, images and more from across the internet, have been deemed to have lost almost all of their value according to a new report by dappGambl. After reviewing online data, the report claimed that 69,795 out of 73,257 NFT collections are practically worthless, making 23 million people the owners of valueless digital tokens.

At one point in 2021, NFTs were hugely popular among celebrities and artists, with the likes of Damien Hurst, Melania Trump, Justin Bieber and Lebron James each releasing their own unique, purchasable content. 

The report summarised: “This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space. Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses”.

Adding that the decrease in NFT value “underscores the need for careful due diligence before making any purchases, especially one of high value”. 

In spite of their findings, the researchers at dappGambl stated that they believed NFTs still had a place in the future of commercial technology and trading. 

Take a look at a tweet that contains some of their findings, below.