Do you still remember the beginning of 2021 when social media was hit by NFT fever. These immutable tokens are hailed as a profitable new investment. Foreign and local celebrities are scrambling to launch their own NFT collection with various sweet promises that it is not just a collection of monkey pictures. We are now at the end of 2023 and dappGambl reports 95% of the NFT collection on the market right now has no value at all.
dappGambl analyzed 73,257 NFT collections and at the time 69,795 of them had a value of 0 ETH. An estimated 23 million investors now have a collection of completely worthless NFTs. Only about 1% of NFT collections are found to be worth over $1000 at this time like the Bored Ape Yacht Club collection.
Although the NFT fever is over, there are still new collections launching this year. In Malaysia the NFT community which used to be quite active has now shrunk with several controversies regarding scams that went viral a few months ago.
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BUSINESS & MONEY