“Dead #NFTs: The Evolving Landscape of the #NFT Market” is a new report from dappGambl, a community of experts in finance and blockchain technology. Upon analysis of 73,257 NFT collections, the authors found that 69,795 have a market cap of zero Ether (ETH), the second most-popular #cryptocurrency behind #Bitcoin. In practical terms, that means 95 percent of NFTs wouldn’t fetch a penny today — a spectacular crash for assets that reached a trading volume of $17 billion amid a frenzied bull market in 2021. The study estimates that some 23 million investors own these tokens of no practical use or value.
The “Dead NFTs” report observes that the nearly 200,000 NFT collections “with no apparent owners or market share” identified by the study caused #carbon #emissions equivalent to the annual output from 2,048 houses, or 3,531 cars.
#cryptofascism #cryptofascist #cryptoscam #scams #rorts #grifters #grifter #grift
https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/