New report from industry researchers finds that 95 percent of the once-hyped crypto assets have hit rock-bottom valuation
âDead NFTs: The Evolving Landscape of the NFT Marketâ 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 wouldnât fetch a penny today â 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.
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The âDead NFTsâ report observes that the nearly 200,000 NFT collections âwith no apparent owners or market shareâ identified by the study caused carbon emissions equivalent to the annual output from 2,048 houses, or 3,531 cars.
