Are NFTs officially dead?
Sep. 21st, 2023 02:32 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
thewayneOh ye gods and little fishes, I certainly hope so!
The article states that "cryptocurrency analysts dappGambl determined that out of the 73,257 total NFT collections it analyzed, 69,795 had a 0 Ether (ETH) market cap. Which is to say, $0. [approx 95%]
Even when looking at 8,850 brand-name, top NFT collections like CryptoPunks, 18 percent of them now have a $0 floor price, and 41 percent are worth between $5 and $100, “which may signal a lack of perceived value among these digital assets,” dappGambl surmises.
And, if it’s possible, “the situation may even be bleaker than these numbers suggest,” the analytics site continues.
For example, MacContract on Ethereum has a floor price of $13,234,204.2, but its all-time sales is only $18. This stark discrepancy between listed floor prices and actual sales data exposes a significant issue in the NFT market—inflated valuations that don’t reflect genuine buyer interest or real-world transactions." [emphasis mine]
Oh, hallelujah! A portfolio allegedly worth $13mil having less than a yuppie food stamp in actual trades? BWAHAHAHAHA! OMG, that's priceless! No, wait. It has a price - $18!
There's one line in the article that I absolutely love, that NFTs too often look like bad MS Paint jobs"! Given the option, I'd much rather see Jackson Pollock do a Bored Ape - it would certainly be worth a lot more since he's been dead for 70 years. I hope those people who bought into the Bored Ape Yacht Club feel like the idiots that they are for wasting an awful lot of money on them for a RECEIPT.
https://kotaku.com/nft-meaning-scam-crypto-marketplace-price-bored-ape-1850860661
The article states that "cryptocurrency analysts dappGambl determined that out of the 73,257 total NFT collections it analyzed, 69,795 had a 0 Ether (ETH) market cap. Which is to say, $0. [approx 95%]
Even when looking at 8,850 brand-name, top NFT collections like CryptoPunks, 18 percent of them now have a $0 floor price, and 41 percent are worth between $5 and $100, “which may signal a lack of perceived value among these digital assets,” dappGambl surmises.
And, if it’s possible, “the situation may even be bleaker than these numbers suggest,” the analytics site continues.
For example, MacContract on Ethereum has a floor price of $13,234,204.2, but its all-time sales is only $18. This stark discrepancy between listed floor prices and actual sales data exposes a significant issue in the NFT market—inflated valuations that don’t reflect genuine buyer interest or real-world transactions." [emphasis mine]
Oh, hallelujah! A portfolio allegedly worth $13mil having less than a yuppie food stamp in actual trades? BWAHAHAHAHA! OMG, that's priceless! No, wait. It has a price - $18!
There's one line in the article that I absolutely love, that NFTs too often look like bad MS Paint jobs"! Given the option, I'd much rather see Jackson Pollock do a Bored Ape - it would certainly be worth a lot more since he's been dead for 70 years. I hope those people who bought into the Bored Ape Yacht Club feel like the idiots that they are for wasting an awful lot of money on them for a RECEIPT.
https://kotaku.com/nft-meaning-scam-crypto-marketplace-price-bored-ape-1850860661
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Date: 2023-09-22 01:09 am (UTC)no subject
Date: 2023-09-22 05:06 pm (UTC)Seems like the BBD took longer to play out, with McDonald's giving them away in Happy Meals and people buying them by the score then throwing away the food.
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Date: 2023-09-22 05:06 am (UTC)no subject
Date: 2023-09-22 02:30 pm (UTC)no subject
Date: 2023-09-22 05:07 pm (UTC)Your winnings, sir. (Gotta love Casablanca for such good lines!)
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Date: 2023-09-22 03:12 pm (UTC)Hugs, Jon
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Date: 2023-09-22 05:09 pm (UTC)Not at all, sadly. NFT was sort of a spin-off of crypto as it was tied to crypto's blockchain concept, but the actual thing, such as it is, is independent.
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Date: 2023-09-23 04:31 am (UTC)no subject
Date: 2023-09-24 02:22 am (UTC)Definitely!
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Date: 2023-09-22 05:04 pm (UTC)no subject
Date: 2023-09-23 01:03 pm (UTC)no subject
Date: 2023-09-24 02:25 am (UTC)BWAHAHAHAHA! Use something that we thought we could make bazillions of profit from for something that could help humanity and the environment? Get outta here!