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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)

submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

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[–] pixxelkick@lemmy.world -3 points 11 months ago

As far as I know, the "MTG" or "Baseball/Hockey" cards of NFT backed images continues to be bored apes and crypto punks. The consistently stay at the top by volume and make up very large portions of trade volume each month.

I couldn't tell you what the "Black Lotus" is of those collections as I don't actually care that much about Image NFT trading, I know of it but Im not like, integrated with the community. Im sure there are a handful of items that are prized though.

Overall, this study and article imo just confirms Sturgeon's revelation and thats about it.

It's about as useful as saying that 90% of websites on the internet continue to be crap, or that 90% of youtube channels aren't popular.

Doesn't matter because the top 1% are all people really care about anyways, and the nuggets of value naturally float to the top through market selection.