News NFT Hype Collapse Means 95% of The Digital Assets Are Now 'Worthless'

[Admin]

The collapse in value of NFTs, and how many NFT collections are now "worthless," has taken crypto enthusiasts by surprise.

NFT Hype Collapse Means 95% of The Digital Assets Are Now 'Worthless' : Read more

 

[Colif]

They were worthless before. That is why no one bought into it long enough for more worthless NFT to be offloaded onto more victims. I wonder how many whales ended up with countless worthless jpg.

As soon as people worked out all you get is a position on a database, not the actual art... they stopped being of interest.

 

[PEnns]

They were worthless the moment they were created to scam the sheep.

 

[COLGeek]

Who is actually surprised by this? Anyone?

 

[InvalidError]

I wonder how many whales ended up with countless worthless jpg.

I know the answer to this one: zero.

What the whales got is even more worthless LINKS to jpgs.

 

[TechieTwo]

More proof that just because you have some money doesn't mean that you are intelligent. 😉

 

[mrv_co]

The buy signals are strong! Clearly 🤣

 

[Zaranthos]

I'd put more value in the gold I earn in World of Warcraft higher than most of the digital crap. I feel about the same with crypto like Bitcoin. It's all fake wealth that can evaporate in an instant. Buy some gold or silver, at least that has some value regardless and you can hold it in your hand even if an EMP event wipes out technology as we know it. How long before AI cracks Bitcoin or even just one of the exchanges and gobbles up peoples "wealth"?

 

[Co BIY]

A scam even more obvious than crypto-currency directed at the self-identified "artists". What could go wrong?

95% worthless is still overvalued.

Worse than the wasted compute resources is the collective wasted mental energy of having to read and think about ideas this foolish.

 

[hotaru.hino]

Buy some gold or silver, at least that has some value regardless and you can hold it in your hand even if an EMP event wipes out technology as we know it.

Those would be worthless too in an apocalypse. The three (I guess technically four, but two of them are worthless alone) things that would be the most valuable are:

• Food
• Water
• Guns and ammo

Or if you want to believe Fallout is reality, bottlecaps.

 

[SyCoREAPER]

Is it really news when something that never had value is finally acknkedged by deniers as having no value.?

 

[InvalidError]

Is it really news when something that never had value is finally acknkedged by deniers as having no value.?

It is at least great news to see sanity prevail in a world struggling to stay ahead of conspiracies.

 

[SyCoREAPER]

It is at least great news to see sanity prevail in a world struggling to stay ahead of conspiracies.

I guess if you want to go a little more harsh on reality that is another valid way of looking at it.

lol, paying for digital "art". I still can't wrap my mind around what people were thinking. This never was going to be the next crypto.

 

[rad666]

And nothing of any value was lost...

 

[drivinfast247]

No way!

Lol

 

[gg83]

I'd put more value in the gold I earn in World of Warcraft higher than most of the digital crap. I feel about the same with crypto like Bitcoin. It's all fake wealth that can evaporate in an instant. Buy some gold or silver, at least that has some value regardless and you can hold it in your hand even if an EMP event wipes out technology as we know it. How long before AI cracks Bitcoin or even just one of the exchanges and gobbles up peoples "wealth"?

RoBucks are worth more than some countries currencies. lol.

 

[Colif]

Supposedly 5% are still worth something... I smell hopium. Or the false sense of scarcity... nope. None ever worth anything... people might have thought they were but not really.... Those with the last 5% just want to find a sucker still. Hence reason we suddenly hear about them now... after months of silence.

 

[Kamen Rider Blade]

NFT's were ALWAYS worthless. just like Crypto Currency.

 

[bit_user]

NFT's were ALWAYS worthless. just like Crypto Currency.

IMO, it depends on exactly what the NFT is granting. If it's used to represent a complete transferal of all rights associated with the Intellectual Property, and is merely using blockchain as a means to mediate the contract, then your statement is akin to saying that IP is worthless, which is clearly not true in at least some cases.

The thing is, I'm not sure how many NFTs include a full transfer of rights to the IP. I think, in too many cases, the originator retained some? That would potentially transform it into a glorified digital "print" of an artwork, and would indeed dilute its value quite considerably.

Anyway, the difference between crypto and NFTs is that crypto uses blockchain to create a currency system, where value is a fluid and arbitrary concept. NFTs use blockchain to manage an IP asset, which you should be able to assess a value for, completely independent of how ownership is established.

FWIW, I never owned any NFTs. I never bought into the hype, but I also think many of the nay-sayers might be too full of themselves, after the crash.

 

[USAFRet]

You sure can't do math.
A 95% drop does not make them worthless - but it does make them worth less than they were before.

At 5% they still have "worth".

If I had a BITCOIN for every time somebody OFFICIALLY called BITCOIN dead, I've have a hell of a lot more BTC than I have now 😛 NFTs are just in a DOWNTURN. Haters gonna hate.

And when you eventually come back and read this...."You sure can't do English"

Reading the article does not state that the valuation of all NFTs has gone from 100% to 5%.
Rather, that 95% of all NFTs have a valuation of 0.

So out of 100 NFTs, only 5 of them are worth above 0 ETH.

 

[eye4bear]

I thought this exact thing would happen to Bitcoin et al. and declined getting a crypto miner when it was still possible to mine BC. I agree, both crypto and NFTs are things invented out of thin air.