A new study has revealed that the once multi-billion-dollar market of virtual tokens, NFTs, has crashed as most of them are now worthless.
NFTs became popular in 2021 and 2022. Celebrities and businesses had been rushing to create the next Bored Ape. Since it started, people like Logan Paul and others have lost millions in funds by buying the virtual tokens and minting collections of collectibles themselves.
A study has discovered and reviewed more than 73,000 NFT collections, and noted that close to 70,000, or 95% were worthless O ETH.
It went on to find that more than 79% of NFT collections haven’t been purchased. This review of the market may be skewed but almost anyone can mint an NFT themselves.
The most normal price for the collectibles are between $5-100.
Between 2021 and 2022, the market was trading more than $2 billion dollars worth of NFTs each month. That number has now gone down to $80 million.