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A few years ago, NFTs were sold for millions of dollars and were rapidly gaining traction for being a growing investment option. However, since the market collapsed, cryptocurrencies and NFTs have suffered a huge loss.
Currently, it is estimated that around 95% of them are considered worthless.
Non-fungible tokens have been prevalent for quite a long time. NFTs grant access to a unique digital asset, but the market appears to have died down sooner than expected.
In July 2023, Jack Dorsey’s tweet in NFT form had offers under $5. This NFT was first purchased for $2.1 million. As with any investment, the buyer likely expected a massive profit, but the current situation has left the NFT nearly worthless.
DappGambl reports that NFTs that used to be worth millions and billions have lost nearly all of their value. According to the report, 69,795 of 73,257 NFT collections cost around 0 Ether now.
In the current market, an NFT priced at 1 Ether is quite remarkable, given that 1 Ether is valued at around $1600. However, the bulk of NFTs are priced much lower than this amount.
The report highlights that 41% of top NFTs are thought to be between $5 and $100 in value, with barely 1% breaking the $6,000 barrier. Challenges like limited demand are major hurdles for the NFT market.
The environmental impact of these tokens is another major issue. To produce 195,699 NFT collections, 27,789,258 kWh, or around 16,243 metric tons of CO2, were required.
This is equivalent to the emission from around 2048 homes. Such factors have led to the decline of a market that was considered to be full of opportunities just a few years ago.
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Sajjad Hussain is the Founder and Editor-in-Chief of Tech4Gamers.com. Apart from the Tech and Gaming scene, Sajjad is a Seasonal banker who has delivered multi-million dollar projects as an IT Project Manager and works as a freelancer to provide professional services to corporate giants and emerging startups in the IT space.
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