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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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[–] yata@sh.itjust.works 7 points 11 months ago (1 children)

The small handful that are actually collected by the public at large

So none of them. Got it.

[–] pixxelkick@lemmy.world -1 points 11 months ago

It's one thing to dislike the concept.

It's another to ignorantly ignore the indisputable fact that hundreds of millions of dollars worth of transactions happen every month, and the market caps for each collection are easy to look up.

Last 24h alone, as of writing this post, Bored Apes alone had almost 1.8 million dollars in transactions.

I don't even collect nfts myself but I'm not going to deny the tens of billions of dollars that move around on that platform this year.

Is it less than 2021? Oh God yes, way lower, major cooling off.

But calling billions of dollars moving around "dead" is foolish at best.