Back to the list

NFTs are 'totally worthless' says mainstream media, community responds

source-logo  cointelegraph.com 21 September 2023 09:29, UTC

Mainstream media outlet Rolling Stone has declared that nonfungible tokens (NFTs) are “finally totally worthless,” citing the results of a dappGambl study on the "evolving landscape' of NFTs. The study found that as many as 95% of NFTs (owned by more than 23 million investors) have no value at all.

The response from community has been varied, with some agreeing with the report and others linking previous reports from the outlet that supported the same NFTs they’ve now called out.

In a Reddit thread, most of the comments agree with the report. Some called NFTs the "worst things to emerge from crypto" and others claim that they were "worthless ages ago.” Despite this, a community member believes that while they may be worthless now, this may change in the future. "Some will make a comeback. Some will go up 1000% because bull. People will get mad again that pixels are worth millions," they wrote.

On Twitter, a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection in an attempt to highlight the change in narrative within the media outlet.

Community member sharing a previous report from the outlet. Source: X

Meanwhile, another community member believes that when mainstream media shares these types of posts, a “reversal” is bound to happen, while another backed up the statement saying that “now is the time to buy.”

Related: Ronaldo teases NFT plans while on a lie detector test

On Aug. 3, Ethereum gas usage for NFTs fell significantly, signaling a potential shift in NFT usage, with users holding on to their assets instead of actively trading. In 2021, NFTs were on the top in terms of gas usage in the Ethereum network, showing that the NFT holders were actively trading and moving their assets. Two years later, NFT marketplaces that once dominated the gas usage charts have now fallen off the list.

Magazine: NFT Collector: Creative AI art, Tomorrowland sells tomorrow’s future