95% of NFTs have a market cap of zero

[@sriyan]

One of the latest studies conducted regarding the NFT market found that 95% of NFT collections have a market capitalization of 0.

The unveiled reality of the NFT market: 95% of NFTs have a market cap of zero

The bearish market has been affecting the whole crypto industry downside, but regards NFT niche, it has been worst. Almost all NFTs have a market cap of zero, meaning investors and adopters have completely lost interest for them after so much hype and excitment we saw during the year of 2021.

Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

I think you missed the main thing of utility. If the nft have some utility,then it has good value. If NFT does not have any utility, value will be zero by some time.
Eg:
1. NFT Staking
2. Access to premium features
3. Play games and earn tokens

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[tuoicacan9i]

Those who don't make a profit from it label it as a scam, while those who profit from it always praise it, just like when you invest in any project or field.

[haioi29fjhgu]

I think it's not necessarily a scam, but rather a matter of right or wrong. If you're right, you make a profit, and if you're wrong, you have to accept the loss. I still find NFTs to be somewhat nonsensical, their value can be seen as speculative and exaggerated, and many famous people have incurred losses due to NFTs, like Justin, who lost over a million dollars.

[pangu]

"Survival of the Fittest" - only NFTs with a usecase will survive in the longterm!

[o48o]

One of the latest studies conducted regarding the NFT market found that 95% of NFT collections have a market capitalization of 0.

The unveiled reality of the NFT market: 95% of NFTs have a market cap of zero

The bearish market has been affecting the whole crypto industry downside, but regards NFT niche, it has been worst. Almost all NFTs have a market cap of zero, meaning investors and adopters have completely lost interest for them after so much hype and excitment we saw during the year of 2021.

Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

That's pretty good considered that if we compare those to launched fungible tokens, i am pretty curtain the number of failed projects with 0 marketcap is around 99.99 %.

And i don't think this is even whataboutism, because i am not arguing against the fact that most nfts are scam.
What i do want to ask is: why do we exclude non-fungible tokens from other cryptos, like we would like we would like to make an argument that non-fungibles are worse?

And before anyone argues that nfts don't have any use cases, 99% of launched fungible tokens/coins don't have any use cases, or have use cases copied from other tokens / coins. Or they claim to have an use case that's basically made up, fixing a problem that doesn't exist. Or they just want money for exit scam.

[cheezcarls]

In my opinion about NFTs, I don’t think there will be another repeat hype in the future like what it did last 2021 during the good ol’ Elon boy days of pushing BTC and DOGE to the sky.

For me, NFTs would likely stand out if it has actual long term use cases like it most GameFi projects out there.

Another type of NFT that I am looking at that might be good for short or mid-term would be commemorative and early adopter NFTs.

Retroactive drop hunters are usually participating in early incentivized testnet opportunities to get these early adopter NFTs, OATs, etc., to be eligible for an airdrop.

Linea Voyage is one example. After that 9-week campaign and eligible participants are minting their commemorative NFTs based on their level are trading for as much as $800 to $1k for Beta and Alpha respectively.

These NFTs can be a “golden ticket” or a “criteria” for big opportunities in which giving them reason to buy and hold it even after the airdrop snapshot ends.

As 95% of these NFTs are having a zero market cap, it is time to think outside of the box to make these NFTs interesting again. But it would be very tough and a long way to go to making it happen in the future.

[danherbias07]

From the first time it went out of the market I already thought this was pointless.
Can it recover? The answer is "Yes!" for me and I think the gaming industry will have a lot to do about that. If popular gaming developers could inject these NFTs into their features then it would be boosted again. I have an NFT sold for $100 without spending anything through a game, all I did was grind the character for like a year while also enjoying the game. I am happy it's still sold though because I had enough of that game and I already quit.
But, imagine that. New players who think the game is still cool will not need to grind their way like me and automatically be at an average level to be competitive unlike those who started fresh. Just for $100, they could instantly be in the place where some features of the game can be accessed.

This is why I think NFTs have more value when it's injected into the gaming industry. Somehow, there will be players who will get bored with the game while others are just starting out and want an easy path by buying a NFT character.

[yazher]

As most of the veteran investors predicted, it will be no value in the future because simply there are too many of it and anyone can easily make it and sell it making others that are hard to make become rusty because they are just shown off to a small amount of potential buyers. It was the same scenario when altcoins were first introduced to the public and guess what happened back then? lots of people create their altcoins and they fooled a lot of people making it one of the most untrusted eras in the crypto industry because lots of people lose their money.

[bounceback]

-snip-
Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

The NFT hype is over and we can see that investors are now less interested in buying NFTs on the market because perhaps they have realized that NFTs cannot provide large profits evenly because basically NFTs are just collectibles in general which will only be appreciated if they exist. Rich people are interested in our collection, in contrast to altcoins which are still in demand by investors in the market so that trading volume continues to increase.

[Victorik]

Personally, I don't fancy the whole idea about NFTs. I just think it's a dumb idea spending money minting a funny looking picture; to do what with it exactly?
I don't get it, it doesn't make any sense to.
It fits the narrative of the metaverse, and since the metaverse itself has also lost its hype, that explains why the NFTs themselves are almost becoming worthless.
BTW, NFA.

[strunberg]

Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

NFT is not a scam, because it is not something like cheating people. It's just that NFTs also shouldn't be as expensive and important as they have become. People are overhyping NFTs as the digital asset of the future and I don't agree with that. NFTs are very easy and anyone can make them. What is the value of such a thing?

[coin-investor]

The only question I've got is what did you expect?
It was absolutely pointless to think that NFT picture of a monkey is going to be more valuable in some time. Investing into altcoins is much more reasonable.

NFT worth something only if it grants access to anything. Just like it works in GameFi.

I've seen NFTs worse than pictures of monkeys my child can draw a better one, NFT is losing its value because it does not give anything valuable to the community and I agree if they attach some features or perks then there will be a desire for these NFTs.

Those who invested hugely in these NFTs are losing because they cannot get their investment back, it has become a pump-and-dump scheme where the late buyer is the loser and the early investors are the ones raking in the profit.
We have seen a lot of schemes in the community and sad to say NFTs have become part of a sad ending.

[avp2306]

The only question I've got is what did you expect?
It was absolutely pointless to think that NFT picture of a monkey is going to be more valuable in some time. Investing into altcoins is much more reasonable.

NFT worth something only if it grants access to anything. Just like it works in GameFi.

I've seen NFTs worse than pictures of monkeys my child can draw a better one, NFT is losing its value because it does not give anything valuable to the community and I agree if they attach some features or perks then there will be a desire for these NFTs.

Those who invested hugely in these NFTs are losing because they cannot get their investment back, it has become a pump-and-dump scheme where the late buyer is the loser and the early investors are the ones raking in the profit.
We have seen a lot of schemes in the community and sad to say NFTs have become part of a sad ending.

The only thing unique about that is the hype they created to their audiences that's why it got a value to them. But for me it didn't came out on my mind to join the hype of NFT arts since I don't really find it interesting.

Some may earn some good profit with it but I still don't see any sense of investing such huge amount of money for just an art which I don't know if it gets a good value in future. But I guess my doubts became right since to many people get scam on it and those past NFT's they hold almost turn zero in value. But eventhough this cases happen I still hope for betterment of NFT scene since if this one will use to right cause this will be a great venue for real artist to show case their arts. But scammers ruined the scene that's by now many avoid to buy NFT's.

[forexandcryptoauditor]

From my point of view the concept of NFT is really good. The new thing that give privilege to the artist and crypto enthusiasts. Initially, it was a new concept and people really liked it. Soon, kind of  every projects want to have Nfts as their main or one of the product. When there is too much, technology can lost the essence of its originality.
Second reason,  as you already mentioned, the current market conditions are not at all good at least for new startups.

[BlockchainWizard]

I think the idea of NFTs and thus obtaining an access key to a small community of like-minded people is very interesting. However, NFTs have often been abused by fraudsters in the past. The projects were also not set up properly, mostly by inexperienced people, which resulted in a lot of mistakes that could have been avoided. Furthermore, I think that the NFTs should be given additional purposes, for example:

- Access in a community and its information
- Staking
- Access to certain events
- etc.

[Xal0lex]

- Access in a community and its information
- Staking
- Access to certain events
- etc.

NFT can be endowed with many uses, but what is the point if there is no demand for it. NFT is now firmly associated with scam and shitcoins, people do not see any useful application and utilitarian properties in this technology. Due to poor regulation in this space, all the potential is drowning under the onslaught of various scammers and enrichment schemes. Until all this is stabilized, NFT will remain out of sight of serious development.

[Natalim]

NFT projects are just passing by, they gain hype shortly and end up. Those who invest in these projects are hopeless now, they spend money buying the arts but now, it turns like just a sort of collection. We can't expect them either to rise again like before and there are no investors who have the courage to spend their money and lose it. Of course, why we should do that in the first place if we know that there is a very slim chance to make a profit from them?
NFTs are dying, they never rise back nor do we have to expect it.

[Rengga Jati]

Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

Ha ha ha
This is really the same as various crypto products or projects, especially YPE ones. how many of these projects were really exciting and then ended up being shit. Both cryptocurrencies and NFTs are the same, if they are not able to provide good fundamentals and teams, and are not something that is very unique and continues to be discussed, then let's just say, they are finished. Only NFTs that are truly good, unique, and always sought after will survive in this bearish era. We found lots of NFTs, but let's see whether they can really come back like before or not. Moreover, there are lots of new projects that are offering NFTs as prizes from several free project programs. This will just be trash. But still, in the future there will be NFTs that are truly valuable and worth holding onto, it's just that this is like a guess that will not necessarily survive and develop again in the future.

[Psynthax]

thats just how it is, with the fact that value of NFT itself is heavily inflated and heavily overhype it will definitely lose its value in the future when people wake up.
the thing that very clear from the very beginning these NFT art have no real value at all, most of the time its just generated jpg by the devs so really is it worth some dollars? definitely not.

[JeffBrad12]

I think the idea of NFTs and thus obtaining an access key to a small community of like-minded people is very interesting. However, NFTs have often been abused by fraudsters in the past. The projects were also not set up properly, mostly by inexperienced people, which resulted in a lot of mistakes that could have been avoided. Furthermore, I think that the NFTs should be given additional purposes, for example:

- Access in a community and its information
- Staking
- Access to certain events
- etc.

it already has such purpose and it serves that purpose really well.
the only thing that stain the name of NFT as a technology itself is this tech being used for something that's full of manipulation like NFT that revolves around having unique art.
but if it's to give identifier for membership or access, it really is great, after all NFT is unique, unlike ERC20 token.
i've seen many project that did airdrop for those that holds their NFT and it works wonder, but honestly after the airdrops are done with the distribution, suddenly the NFT also become useless.