95% of NFTs have a market cap of zero

[tygeade]

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.

Demand is the keyword here, you need to have some demand to make it going, otherwise it doesn't really make sense at all. I understand that not everyone could feel like it could be something valuable if they do not want to invest, but also if the whole community doesn't feel like it then it will definitely just crash and end.

NFT was never something we liked, the idea of "these do not have any value" was always defended as "so does bitcoin, we put the value in" never made sense because we do put the value in bitcoin, but we don't do that to NFT and this is the proof. It never made any sense at all and the fact that people thought it could was always a joke. I think it will get to a point where we will not hear about NFT's ever again for a long time. We should let it die peacefully and soon enough we will not have to talk about it at all. I bet that after the next halving, we are not going to talk about it all that much and will do fine in the end.

[jossiel]

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

Minting was too easy and everyone can do that.

And the market of NFTs have been saturated and that's why it is no good to do because of what they've done so. If there's still a market on it, as with the percentage given.

I'm believing that most of them were already out of the market and small communities are just trying to revive it just to sell what's left on them.

[Abiky]

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.

That's certainly true, mate. It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts

[albon]

It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts

This is one of the reasons why most NFT collections have now lost their value, died, or become scams is that anyone can create his collection. The NFTs he created do not contain any innovation, anything unique, or benefits to their holders. Then, the owner of the collection invites people to mint his NFTs, promising them eligibility for an airdrop as a result of holding his collection's NFTs. In the end, after the creator collects the funds, he withdraws his profits from the total volume and dumps the floor price of the collection, causing investors to lose their funds without receiving the promised airdrop. I've found this a lot before.

I agree with you that the NFTs that are used as virtual items within the game are the ones that are attracting investors. From my point of view, they offer practical use and have benefits for their holders and unique features. As the number of players increases and the game gains momentum, you will find that the value of the NFTs increases greatly over time. Still, most NFTs now Do not offer any innovations, uses, or benefits, and I do not know why some people stick to buying this nonsense for thousands of dollars and holding it.

[kentrolla]

NFT was a bubble which busted way too sooner and even those crazy hype couldn't save it. Just imagine what would one gain by hodling on to a digital image which will be of no use, altcoins should have a genre which can be used in real life to make our lives hassle free or more advanced wherein projects related to payments, network, internet, etc players a major role but not NFT.

[JeffBrad12]

NFT was a bubble which busted way too sooner and even those crazy hype couldn't save it. Just imagine what would one gain by hodling on to a digital image which will be of no use, altcoins should have a genre which can be used in real life to make our lives hassle free or more advanced wherein projects related to payments, network, internet, etc players a major role but not NFT.

NFT on its own is actually quite awesome technology its just that its being misused, the fact that NFT itself is a really unique asset make it viable to be used for product identifier, even land ownership identifier and many to ensure authenticity, its just that such utilization was never sought after by those that actually have capability of implementing instead its being used heavily for speculation because thats where easy money is.
hopefully in the future it will deserve the utilization which can bring great benefits by using the technology.
not just some pump and dump scheme but a real utilization where it can solve real world problems, because I can see this technology growing in that direction.

[GreatArkansas]

(....)
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 am really hoping that they will recover, but I will be expecting the legit ones only. We all know there are a lot of scams in NFT or in the cryptocurrency market itself.
So for me, the NFT market is one of the best hype during the last bull market and they are also devastated by the bear market. Just like any other cryptocurrency project on every bear market, only the legit remains and will continue.

[wxa7115]

That's certainly true, mate. It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts

The strength of NFTs is also their weakness, as their name implies NFTs are not fungible which means that each single token is unique, at the beginning this gave strength to those coins as each one of them could experiment a different rate of growth, but now this is proving to be a weakness.

And this is because no one is going to take the time to study the many different NFTs and see which one has a chance to become valuable, it is way better for investors to use their time researching meme coins instead, as even if the community considers them to be shitcoins, it is easier to pick the right meme coin than to pick the right NFT.

[Abiky]

NFT on its own is actually quite awesome technology its just that its being misused, the fact that NFT itself is a really unique asset make it viable to be used for product identifier, even land ownership identifier and many to ensure authenticity, its just that such utilization was never sought after by those that actually have capability of implementing instead its being used heavily for speculation because thats where easy money is.
hopefully in the future it will deserve the utilization which can bring great benefits by using the technology.
not just some pump and dump scheme but a real utilization where it can solve real world problems, because I can see this technology growing in that direction.

If placed on the right hands, the technology could prove to be extremely-beneficial to our society. I believe governments will make use of NFTs for issuing driver's licenses, visas, and more in the future. They have shown huge interest in crypto/Blockchain tech. It should only be a matter of time before the whole world gets "digitized". With tokenized RWAs (Real World Assets) right around the corner, you can see what I'm talking about.

For now, NFTs will remain a niche for those who want to waste (or make) money in the short-term. This early phase could help NFTs mature in the future. Eventually, good NFTs will replace bad ones as creators prioritize real use cases above all else. Who knows what the future of the NFT market will look like? Just my opinion

[doomloop]

It doesn't make sense if the price of NFTs is hundreds of thousands of dollars because the artwork is owned by someone famous but still it was a hype in more than a year people felt how hot the price of NFTs was at that time but the reality is now lost interest from investors, this is no worse than shitcoin.

I wonder what about the bullish trend in the following? Will it rise, I don't think it will happen instead there will be a new trend and NFTs will sink to no price at all later.

Not a fan of NFTs.

I think it does. It's not easy even for a normal project to pump that huge and if ever you own a piece of them, you can benefit greatly. Maybe there are still NFT's left which are great and some investors are still after them. For those who got greedy to HODL longer and lost, well sorry. That's just how investing works. Not all times we are successful. I think meme coins and some other trends can comeback, so why not NFT's? For those who still have their NFT's, they shouldn't lose their hope totally because who knows? But there is a big chance a new trend will pop out in the market. I guess investors already learned their lessons this time.

[lalabotax]

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

[JeffBrad12]

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

NFT even worse that shitcoin because it lacking liquidity, with shitcoin at least if there's some silly people willing to bag it you will get some liquidity but NFT is different, considering its unique nature, each NFT has different liquidity, if your NFT is shit, big fat chance your NFT won't sell, it will just become trash.
thats why most of NFT right now have the market cap of zero, because its just trash NFT in general.
moreover, the fact that most of these NFT that have quite high value actually was overly inflated hype driven coin make it lose its value really fast.

[Wexnident]

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.

I know a few artists who sell NFT's and honestly speaking, them being bought by other collectors doesn't look like it'd be a loss really. Those on the top 10 list on the other hand... Jesus, I still don't know how it ended up like this. It's rather similar to my feeling about some artist's paintings being sold for millions. There was also one where the artists set up a mechanism to shred the painting when it was pulled out (this was when it was sold for an enormous amount), but they managed to stop it halfway. The next time it was sold, it got sold for an even higher price.

[asriloni]

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

This asset was not liquid. Even if you were trying to sell your NFT and you need someone to make a bid into your NFT. It's quite different compared with the token which is liquid and it makes you able to exchange your token for decent amount of money.
The price of NFT is also depending on the demand. This is why it's going dump so hard when there was none who has interest to buy your NFT. It's quite reasonable to see how the price of NFT can be going to the zero value.
There have been many useless NFT. The price floor dumped to the bottom. Even bored ape yacht was also suffering huge dump. This NFT is nothing more than a bubble that can burst again anytime.

[kevindjunaidi]

therefore I have never invested in NFT, because I am sure that NFT have a very big risk that I could lose my money and I am also sure that the price of NFT will not be able to increase again even if the next bullrun occurs, so I have never been interested and suggested to my friends or my family to invest in NFT even though the price of NFT was going down, because it was too risky to invest in NFT.

[Rupok]

Everyone once had a positive perception of NFT but now it is not possible for NFT to regain its credibility.  When NFTs were on hype I expected good profits, but now NFTs are not as hyped as before.  Now I think NFT-Investment has very high risk. It is true that 90% of NFT are sitting at zero now.  The NFT market will not be able to recover so easily.  Although I was not bullish on NFT from the beginning, and I do not advise anyone to invest in NFTs.  NFT used to be a great technology but now it is being misused, and most of the scammers are getting into NFT.  I have several NFT in my wallet that have been sent by scammers.

[Coyster]

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, just like ICO, IEO, and DEFI can only survive on hype, mind you that the majority of people who are interested in these schemes do so just because they want to make money, not because they were interested in its use case or in how to use it to improve the crypto industry, thus when the hype is over and scammers then take over, that would be the end of it. In the case of NFT's i wasn't expecting anything differently TBH.

[avikz]

Everyone once had a positive perception of NFT but now it is not possible for NFT to regain its credibility.  When NFTs were on hype I expected good profits, but now NFTs are not as hyped as before.  Now I think NFT-Investment has very high risk. It is true that 90% of NFT are sitting at zero now.  The NFT market will not be able to recover so easily.  Although I was not bullish on NFT from the beginning, and I do not advise anyone to invest in NFTs.  NFT used to be a great technology but now it is being misused, and most of the scammers are getting into NFT.  I have several NFT in my wallet that have been sent by scammers.

To be honest! I never had a positive thought about NFTs. From the very beginning I have been saying to everyone, that NFT is going to die sooner than any other hypes in the crypto market.

A JPG can't be sold forever for millions of dollars. Just like any other hype, NFT died but faster than anything else. Only the initial investors made money and royalty. Rest all are still licking their own fingers with a hope of making sales. This is utter nonsense!

[OgNasty]

The loss of value in the NFT space has been staggering. I don’t think NFTs are dead and believe they have a real valuable future where they play a role in finance, but I don’t think that will be by displaying them as art. Likely their day in the sun will come when the metaverse hits mainstream and people want property or items from popular metaverses.

[wxa7115]

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.

I know a few artists who sell NFT's and honestly speaking, them being bought by other collectors doesn't look like it'd be a loss really. Those on the top 10 list on the other hand... Jesus, I still don't know how it ended up like this. It's rather similar to my feeling about some artist's paintings being sold for millions. There was also one where the artists set up a mechanism to shred the painting when it was pulled out (this was when it was sold for an enormous amount), but they managed to stop it halfway. The next time it was sold, it got sold for an even higher price.

At least when it comes to regular paintings it makes more sense their price is that high, as once you buy a painting you truly own it as you can deny the possession of that painting to anyone else, but this is not possible with NFTs as everyone has access to the same jpg and they can enjoy the image as much as you do.

Regular paintings have another advantage for those that are extremely wealthy, as they can move tens of millions of dollars with ease from one country to another without bringing any suspicions to themselves by doing so, so if a government were to try to confiscate their wealth, they can move a great deal of it in a way that leaves no traces by running away with their paintings.