One of the most comically obvious speculative bubbles in the history of speculative bubbles has popped:
A new report shows that the non-fungible token (NFT) market has essentially collapsed, and nearly all NFTs are practically worthless.
As seen on Insider, dappGambl’s study investigated 73,257 NFT collections, 69,795 of which have a market value of zero ETH.
“The hype around NFTs peaked in the 2021/22 bull run that saw nearly $2.8 billion in monthly trading volume recorded in August 2021. From this, NFTs captured the collective imagination worldwide with multiple news reports of million-dollar deals for sales of certain NFT assets,” writes dappGambl.
NFTs were all the rage for a spell, and photographers were caught up in the whirlwind. When a single JPEG file created by the artist Beeple sold for nearly $70 million, photographers wondered how they might get a slice of the pie.
“Bryan Minear, a landscape photographer based in Michigan, has always kept a close eye on the crypto space. On Tuesday, he did an NFT drop with Bitski featuring five photographs ranging from $200 to $2,500. Within 10 minutes, he sold out of nearly everything,” PetaPixel wrote in 2021.
Minear said he embraced NFTs when he realized crypto was “here to stay.” Well, stay it did not.
The fatal collision between two ridiculous scams is particularly hilarious. Remember, people: invest only in fiat currency, bonds, equities, or LoomCoin.