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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 1 year 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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[–] merc@sh.itjust.works 1 points 1 year ago

Yeah, it was a bubble. Dot com companies were worth less than investors hoped, but not worthless.

Many of the dot-com companies that survived the crash exceeded their bubble valuation. Amazon, for example is worth far more than it ever was in the bubble days. Same with eBay, Priceline, etc.

Yahoo is widely considered one of the biggest flops, but it survived the dot-com crash, dropped to just a few dollars a share, then eventually climbed back up over $40/share. Despite being massively overvalued in the bubble and then massively mismanaged after, it fundamentally had some value and people used it for years.