Rollingstone.com has recently shared an attention-grasping post, asserting that the non-fungible tokens (NFTs) are dead. The respective post declared that these tokens do not have any worth at present. It depends on an exclusive study that dappGambl (a group of financial professionals) published and the respective post has become top-trending on Google also.
Mainstream Media Falsely Claims that Non-Fungible Tokens Are Finished
Based on the discussion made in the post, the headline of the popular post is not wholly wrong. It is somehow true as most of the NFTs show similar characteristics. The study mentioned that a sample of up to 73,257 collections of NFTs has a market capitalization of just 0 ETH. That signifies ninety-five percent of the cumulative. The study asserts that twenty-three million individuals now hold non-fungible tokens which have no value at all.
This indicates a very difficult situation for the respective investors. Only twenty-one percent of the NFT collections that the study included can claim complete ownership. This means that 4 out of every 5 NFT collections are still unsold, says Miles Klee (the writer of the report). However, the non-fungible tokens are not finished yet.
Their trading volumes are standing at very low spots. Even then, Block points out that the NFT trading touched $63 million in the previous week. Nonetheless, this position is much lower than that of the $360M weekly volume that occurred in February this year. Apart from that, just five percent of the NFTs display some real worth.
Bore Ape Yacht Club Continues Its Trading Respectably
In this respect, Bored Ape NFTs are making respectable trading. One Bored Ape Yacht Club non-fungible token’s average is nearly $42,000. More significant than the particular trading-related dynamics is that the post displays the workings of the mainstream media. Despite the highs as well as lows in the market, the useful non-fungible token sector’s current state current sentiment of going away completely is silly.
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