95% of NFTs have a market cap of zero

[Wexnident]

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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?

Imo concept is good, but the way it was used pushed the market into, well, using it that way instead. I know a few NFT's that are really really good, I have a few artists who I follow sell NFTs and they're priced worthy of their beauty/detail but due to how minor they really are, they aren't noticed and used as much as compared to...well, monkeys. Sad to say but a market driven by its consumers would be swayed by what the majority of its consumers do, and I don't think I'd need to elaborate what kind of shitfest it resulted.

And no, I'd say nfts are dead. There might be minor ones out there that are using it for how it's supposed to be, but yea in general I'd say it's dead. If it ever went up again, it'd probably start from zero and with another name instead.

[poodle63]

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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?

Imo concept is good, but the way it was used pushed the market into, well, using it that way instead. I know a few NFT's that are really really good, I have a few artists who I follow sell NFTs and they're priced worthy of their beauty/detail but due to how minor they really are, they aren't noticed and used as much as compared to...well, monkeys. Sad to say but a market driven by its consumers would be swayed by what the majority of its consumers do, and I don't think I'd need to elaborate what kind of shitfest it resulted.

And no, I'd say nfts are dead. There might be minor ones out there that are using it for how it's supposed to be, but yea in general I'd say it's dead. If it ever went up again, it'd probably start from zero and with another name instead.

thats right, its all about hype, whether your arts are the best arts out there doesn't matter that much.
moreover the main reason why those NFT that are just hype driven are getting the value they are getting are simply due to the fact that people wanna speculate with these NFT.
now the trend of NFT subsides, most just don't care, the value of these NFT that was hype driven also decreasing significantly that it become irrelevant.
I guess this should be time for NFT to shine as a technology not being used for manipulative and speculative tool by many people.

[taufik123]

So the crypto market sector or not it is a project that runs with the full support of the community, if some NFTs have no development and lose interest then the crypto NFT trend has changed.

The average price of even well-known NFTs is currently falling dramatically.
But do they as collectors lose out on buying NFTs?
it depends on each person's perspective because there are those who buy NFTs for speculation and those who buy because of pure art.

Top NFT Collection Prices Ranked by 24H Trading Volume


Source: https://www.coingecko.com/en/nft

[0t3p0t]

I think NFT works long term on gaming but with art I don't think so. There are  only few collectors or investors of art NFT compared to the huge community of gamers. Gaming industry is not about trend because it has been there since 1960's. The evolution of gaming has now come to the new era of NFT. In games we can buy and sell NFT just like Thetan Arena, MIR4 and Axie Infinity without having huge capital with it's feature free to play and play to earn. With art NFT we need capital to invest in.

[siedemtrzy]

I think NFT works long term on gaming but with art I don't think so. There are  only few collectors or investors of art NFT compared to the huge community of gamers. Gaming industry is not about trend because it has been there since 1960's. The evolution of gaming has now come to the new era of NFT. In games we can buy and sell NFT just like Thetan Arena, MIR4 and Axie Infinity without having huge capital with it's feature free to play and play to earn. With art NFT we need capital to invest in.

We don't need NFTs in games. I mean, good for you if you're able to sell them in those games, but in regular games like CoD, Overwatch and etc gamers will definitely riot if NFTs are added. What's the point? It's still a skin that can't be transferred between games for obvious reasons. Ubisoft tried that, and someone even bought them, but now no one talks about that.

[FahriZah]

I think this main reason for bearish market conditions because from long time about upto 2 year no have any good performance crypto market and atill now not good conditions but we can expected about crypto market and NFTs market both are bullish very soon as possible and we are waiting for bull sessions than start play with crypto & Nfts lovers.

[asriloni]

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?

NFT was a new way to scam people. This useless NFT being hyped in the past. I don't even know how stupid people who bought NFT land. Look at justin bieber's NFT. it has been dropping so hard. NFT concept was not good and it's utterly scam concept.
NFT is a soft way to scam people. Almost all of NFTs are worth nothing. The developers who had been successfully to scam people by creating A nft will be go away to produce another scam NFT.
That's pretty much the same like shit scam coin.

Is it still possible for NFTs to recover their credibility?

It's not possible anymore. NFT already destroyed by scammers. It will be so hard to build the trust again. The hype is over and everything already gone.
NFT will remain one of garbage thing in the crypto. NFT is just another scam thing.

Most of NFT buyers were losing their money without even get usefulness from their NFT.

[fzkto]

I think this main reason for bearish market conditions because from long time about upto 2 year no have any good performance crypto market and atill now not good conditions but we can expected about crypto market and NFTs market both are bullish very soon as possible and we are waiting for bull sessions than start play with crypto & Nfts lovers.

NFT it was just hype with people buying images for a lot of money. Now it is worthless and the capitalisation of all NFTs is constantly falling. I think that such success and hype with NFT will not happen again. When the bull market comes, new trends will appear. I don't remember hype ICO or IEO to happen again.

[fullhdpixel]

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 wouldn't blame the concept since it wasn't really that bad if it was just used for the right things. It obviously doesn't make sense for someone to buy a simple animated picture for 256 ETH and add it to your collection while it keeps losing value over time if the hype keeps fading away, it would have been worth it if the person buying it was given some sort of authority somewhere or must have gotten some advantage for holding that piece of art or the picture.

Projects can use NFTs to provide access to their investors or users to different advantages and privileges which might promote the buying and selling of such NFTs among users as they would obviously want to have those privileges as well and the fact that the NFTs are unique, the prices could keep going up eventually, but alas, it seems to be failing completely.

[zasad@]

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?

The first to come to the hype topic are always scammers and cunning businessmen who understand that according to the law they will not be held responsible for the sale of NFTs. Maybe later the gaming industry will use NFTs more often and we will see real application. I have always said that it is more difficult to make money when trading NFTs than when trading cryptocurrencies.

[avikz]

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?

NFT is dead! NFT was always a pure non-sense tech which rose to prominence due to marketing hype. Now the hype is gone and the market is dead. Only couple of people joined in the NFT market during its initial days, made money and pulled the plug. Rest everything is dead.

But that was expected. Now with AI, anyone can flood the market with new images every single day. It doesn't make sense anymore.

[Yamifoud]

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?

It was not a surprise that NFT went into a situation like this because they are not meant for the long-term, they are indeed worthless and after the developers got money from innocent people, they abandoned the project.
I don't know what attracts these NFT projects to some investors because if we analyze it carefully, these projects are worthless. I've never had any NFT but just think about those who held them until now, disappointed and regretted as I presume.

[asriloni]

I think NFT works long term on gaming but with art I don't think so. There are  only few collectors or investors of art NFT compared to the huge community of gamers. Gaming industry is not about trend because it has been there since 1960's. The evolution of gaming has now come to the new era of NFT. In games we can buy and sell NFT just like Thetan Arena, MIR4 and Axie Infinity without having huge capital with it's feature free to play and play to earn. With art NFT we need capital to invest in.

There's no point to have NFTs being added to the game. This is bullshit. I meant if you have ever played CSgo and the skin can also be sold to another club easily without even need to do a complicated task like connecting to the wallet, listing your NFTs that require lots of fees to sell your NFT to others, the platform will also charge you with a few percents tax. Axie got hype caused by it was played to earn. This game will never be popular if there was no play to earn mode that was luring people to buy the NFT

Look at what happens to the axie right now. People are feeling so badly with the current ROI. The game play was also terrible. 2023 games offered you various gameplay mode with ultra graphic while the blockchain games was actually bullshit.
NFT games were always selling gimmick. The gameplay was so far from the trailer.

NFT era will be coming to its end soon. It's pretty much the same like scammy thing for me to be honest. I don't know who the stupid people bought it

[wajik-tempe]

I think NFT works long term on gaming but with art I don't think so. There are  only few collectors or investors of art NFT compared to the huge community of gamers. Gaming industry is not about trend because it has been there since 1960's. The evolution of gaming has now come to the new era of NFT. In games we can buy and sell NFT just like Thetan Arena, MIR4 and Axie Infinity without having huge capital with it's feature free to play and play to earn. With art NFT we need capital to invest in.

There's no point to have NFTs being added to the game. This is bullshit. I meant if you have ever played CSgo and the skin can also be sold to another club easily without even need to do a complicated task like connecting to the wallet, listing your NFTs that require lots of fees to sell your NFT to others, the platform will also charge you with a few percents tax. Axie got hype caused by it was played to earn. This game will never be popular if there was no play to earn mode that was luring people to buy the NFT

Look at what happens to the axie right now. People are feeling so badly with the current ROI. The game play was also terrible. 2023 games offered you various gameplay mode with ultra graphic while the blockchain games was actually bullshit.
NFT games were always selling gimmick. The gameplay was so far from the trailer.

NFT era will be coming to its end soon. It's pretty much the same like scammy thing for me to be honest. I don't know who the stupid people bought it

i agree gaming should be seperate with NFTs and the current hype around NFTs might not align with principle that gaming is about fun gameplay.
The rise of play-to-earn games before brought attention to blockchain gaming, but as you rightly pointed out, sustainability and genuine enjoyment are crucial for the long-term success of any game.

[wxa7115]

i agree gaming should be seperate with NFTs and the current hype around NFTs might not align with principle that gaming is about fun gameplay.
The rise of play-to-earn games before brought attention to blockchain gaming, but as you rightly pointed out, sustainability and genuine enjoyment are crucial for the long-term success of any game.

Those people are just putting the cart before the horse, there is a limited number of gamers which can make money thanks to their hobby, but this is because the video game itself attracts millions of people that like to play it for the fun of it.

So a few top players can become streamers and show them what can do they when they can put their mind to it and they can earn money this way, but P2E tokens do it backwards, the developers create a game in which no one is interested except for those that want to make money with it, so the early adopters of that game can make money only if later on other players want the same, but since there is not an organic growth for the game then at some point it hits a wall and the video game simply disappears as no one can make money with it anymore.

[Abiky]

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?

This is not surprising, especially when most NFTs have no real use cases for the world. The vast majority of NFTs are simply "JPEGs" obtained freely across the web. They were only created as a means to enrich developers (creators) themselves. Not to bring value/utility to the blockchain. Same goes for "meme" coins.

Until the NFT market matures, don't expect the trend to be taken seriously anytime soon. With RWAs (Real World Assets) right around the corner, I'm yet to see whenever digital art or in-game items as NFTs will become a success in the long run. Crypto often comes up with surprises, so anything's possible. Just my thoughts

[AnonBitCoiner]

It is true that nft market experienced a very bad downturn. Nft traders are not interesting to buy nfts. NFT creation is very sample, newbie could also create it. The value of Nfts depends upon the utility and the creator. Many people purchase high price nft of big creator just with the thinking that the price will become high in the future. Binance also sell many nft in there launchpad. Unfortunately I also tried 2 NFTs but now price is no more than 5$ while I spend more than 50$.

I learned a good lesson that we should not enter in the trend and if enter than take profit in trend. 90% NFT projects proved scam and completely disappear after they got profit. Many well price nfts losing value and interest but it doesn't not mean that whole nft system is scam. Some projects are still done on real estate which could be proved best use case in the future

[o48o]

-cut-
But do they as collectors lose out on buying NFTs?
it depends on each person's perspective because there are those who buy NFTs for speculation and those who buy because of pure art.
-cut-

I think that art might play a part in why someone chooses specific nft, but no one buys just purely because of an art. If there's not enough scarcity or liquidity for that nft, it doen't have value in people's eyes, or literal value because of saturated market.

And you technically don't own the art or rights to it without kyc and a specific contract for that. You just own the right to trade the link connected to something. Similar to the fact you can't trade securites without kyc and ability to recover lost securities. Which isn't an option with nft art.

[bayu7adi]

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

[abel1337]

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

I believe that majority of people who flocked in NFT space don't really care about the uniqueness of the art. Most of them are just there for possible profits they can make even if it's a trashy AI art as long as it has a good potential in making a good profit. There are a lot of trash NFT that are obviously non-collectible but there are some that fetch on a ridiculous price because it is hyped by the community. Now that generating profit on NFT's are harder than ever, there's not much news about it and people are just not interested in it anymore. Which we can see from the decline of NFT top notch projects like bored apes that gradually lose it's value and those projects who are very anticipated before but has a zero marketcap today.