Rolling Stone Declares NFTs Worthless as Ethereum NFT Trading Declines
Summary:
Rolling Stone reports that Nonfungible Tokens (NFTs) are effectively worthless, referring to a dappGambl study that found 95% of NFTs, owned by over 23 million investors, hold no value. The media's shift in attitude towards NFTs prompts varied community responses, with some agreeing, others highlighting previous media support for NFTs. Meanwhile, Ethereum's NFT gas usage has significantly decreased, indicating less active trading and potentially shifting market conditions.
Rolling Stone, a prominent media company, has stated that Nonfungible Tokens (NFTs) have lost all meaningful value, referring to the findings of a dappGambl analysis on the fluctuating nature of NFTs. According to this examination, a shocking 95% of NFTs, held by over 23 million traders, are deemed valueless. The public's reaction to the news is diverse, with some in the community being in agreement and others contrasting the recent statement with Rolling Stone’s prior endorsements of the same NFTs. In discussions on Reddit, the majority of posts echoed the sentiment of the study, with some individuals dubbing NFTs the "most terrible invention resulting from cryptocurrency" while others contended they lost their value a long time ago. However, one community enthusiast stated that their worth may see a resurgence in the future. "There will be some that return to their glory days. Some will see an increase of a staggering 1000%. People will once again be astounded by the fact that mere pixels can be worth millions," they penned. On the social media platform Twitter, one individual called attention to the shift in Rolling Stone’s narrative by sharing an older article publicizing the Bored Ape Yacht Club (BAYC) NFT series. Moreover, another member of the community suggested that whenever mainstream media outlets publish such stories, a "turnaround" is imminent and someone else endorsed the postulation by suggesting that now is the best time to invest in NFTs. Interestingly, on 3rd August, there was a notable decrease in the gas usage of Ethereum for NFT trades, indicating a possible trend shift with people retaining their assets rather than actively selling. The previous year, NFTs led in Ethereum network gas usage as token holders were actively dealing with their assets. Fast forward two years, NFT markets that were once key players in the gas usage charts have now receded. In news related to NFT collectors, it was reported that Creative AI art and Tomorrowland will sell tomorrow's future.
Published At
9/21/2023 9:02:25 AM
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