95% of NFTs have a market cap of zero - page 3.

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Quote from: lalabotax on October 15, 2023, 04:45:26 PM

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

This asset was not liquid. Even if you were trying to sell your NFT and you need someone to make a bid into your NFT. It's quite different compared with the token which is liquid and it makes you able to exchange your token for decent amount of money.
The price of NFT is also depending on the demand. This is why it's going dump so hard when there was none who has interest to buy your NFT. It's quite reasonable to see how the price of NFT can be going to the zero value.
There have been many useless NFT. The price floor dumped to the bottom. Even bored ape yacht was also suffering huge dump. This NFT is nothing more than a bubble that can burst again anytime.

Wexnident

hero member

Activity: 2758

Merit: 675

I don't request loans~

Quote from: taufik123 on October 03, 2023, 06:58:09 PM

But do they as collectors lose out on buying NFTs?
it depends on each person's perspective because there are those who buy NFTs for speculation and those who buy because of pure art.

I know a few artists who sell NFT's and honestly speaking, them being bought by other collectors doesn't look like it'd be a loss really. Those on the top 10 list on the other hand... Jesus, I still don't know how it ended up like this. It's rather similar to my feeling about some artist's paintings being sold for millions. There was also one where the artists set up a mechanism to shred the painting when it was pulled out (this was when it was sold for an enormous amount), but they managed to stop it halfway. The next time it was sold, it got sold for an even higher price.

JeffBrad12

hero member

Activity: 3010

Merit: 538

Leading Crypto Sports Betting & Casino Platform

Quote from: lalabotax on October 15, 2023, 04:45:26 PM

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

NFT even worse that shitcoin because it lacking liquidity, with shitcoin at least if there's some silly people willing to bag it you will get some liquidity but NFT is different, considering its unique nature, each NFT has different liquidity, if your NFT is shit, big fat chance your NFT won't sell, it will just become trash.
thats why most of NFT right now have the market cap of zero, because its just trash NFT in general.
moreover, the fact that most of these NFT that have quite high value actually was overly inflated hype driven coin make it lose its value really fast.

lalabotax

full member

Activity: 1582

Merit: 132

BK8 - Most Trusted Gambling Platform

Yes, that's exactly what happened. NFT really came into its own in the past and made more and more people enter the world of NFT and more and more parties created NFT and its platforms. but Honestly nft itself is like altcoins in cryptocurrency. where there are lots of alcoins themselves which are shit projects. Where they only rely on menstruation and then they can't survive, then they burn like dust. and then they will be replaced by other new altcoints. you could say that those who don't survive are trash.

doomloop

hero member

Activity: 2408

Merit: 584

Quote from: $crypto$ on October 03, 2023, 02:10:22 AM

It doesn't make sense if the price of NFTs is hundreds of thousands of dollars because the artwork is owned by someone famous but still it was a hype in more than a year people felt how hot the price of NFTs was at that time but the reality is now lost interest from investors, this is no worse than shitcoin.

I wonder what about the bullish trend in the following? Will it rise, I don't think it will happen instead there will be a new trend and NFTs will sink to no price at all later.

Not a fan of NFTs.

I think it does. It's not easy even for a normal project to pump that huge and if ever you own a piece of them, you can benefit greatly. Maybe there are still NFT's left which are great and some investors are still after them. For those who got greedy to HODL longer and lost, well sorry. That's just how investing works. Not all times we are successful. I think meme coins and some other trends can comeback, so why not NFT's? For those who still have their NFT's, they shouldn't lose their hope totally because who knows? But there is a big chance a new trend will pop out in the market. I guess investors already learned their lessons this time.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: JeffBrad12 on October 11, 2023, 07:24:02 PM

NFT on its own is actually quite awesome technology its just that its being misused, the fact that NFT itself is a really unique asset make it viable to be used for product identifier, even land ownership identifier and many to ensure authenticity, its just that such utilization was never sought after by those that actually have capability of implementing instead its being used heavily for speculation because thats where easy money is.
hopefully in the future it will deserve the utilization which can bring great benefits by using the technology.
not just some pump and dump scheme but a real utilization where it can solve real world problems, because I can see this technology growing in that direction.

If placed on the right hands, the technology could prove to be extremely-beneficial to our society. I believe governments will make use of NFTs for issuing driver's licenses, visas, and more in the future. They have shown huge interest in crypto/Blockchain tech. It should only be a matter of time before the whole world gets "digitized". With tokenized RWAs (Real World Assets) right around the corner, you can see what I'm talking about.

For now, NFTs will remain a niche for those who want to waste (or make) money in the short-term. This early phase could help NFTs mature in the future. Eventually, good NFTs will replace bad ones as creators prioritize real use cases above all else. Who knows what the future of the NFT market will look like? Just my opinion

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Abiky on October 11, 2023, 06:06:39 AM

That's certainly true, mate. It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts Grin

The strength of NFTs is also their weakness, as their name implies NFTs are not fungible which means that each single token is unique, at the beginning this gave strength to those coins as each one of them could experiment a different rate of growth, but now this is proving to be a weakness.

And this is because no one is going to take the time to study the many different NFTs and see which one has a chance to become valuable, it is way better for investors to use their time researching meme coins instead, as even if the community considers them to be shitcoins, it is easier to pick the right meme coin than to pick the right NFT.

GreatArkansas

legendary

Activity: 2562

Merit: 1399

Quote from: uneng on October 02, 2023, 11:31:03 AM

(....)
Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

I am really hoping that they will recover, but I will be expecting the legit ones only. We all know there are a lot of scams in NFT or in the cryptocurrency market itself.
So for me, the NFT market is one of the best hype during the last bull market and they are also devastated by the bear market. Just like any other cryptocurrency project on every bear market, only the legit remains and will continue.

JeffBrad12

hero member

Activity: 3010

Merit: 538

Leading Crypto Sports Betting & Casino Platform

Quote from: kentrolla on October 11, 2023, 04:27:34 PM

NFT was a bubble which busted way too sooner and even those crazy hype couldn't save it. Just imagine what would one gain by hodling on to a digital image which will be of no use, altcoins should have a genre which can be used in real life to make our lives hassle free or more advanced wherein projects related to payments, network, internet, etc players a major role but not NFT.

NFT on its own is actually quite awesome technology its just that its being misused, the fact that NFT itself is a really unique asset make it viable to be used for product identifier, even land ownership identifier and many to ensure authenticity, its just that such utilization was never sought after by those that actually have capability of implementing instead its being used heavily for speculation because thats where easy money is.
hopefully in the future it will deserve the utilization which can bring great benefits by using the technology.
not just some pump and dump scheme but a real utilization where it can solve real world problems, because I can see this technology growing in that direction.

kentrolla

hero member

Activity: 1652

Merit: 569

Catalog Websites

NFT was a bubble which busted way too sooner and even those crazy hype couldn't save it. Just imagine what would one gain by hodling on to a digital image which will be of no use, altcoins should have a genre which can be used in real life to make our lives hassle free or more advanced wherein projects related to payments, network, internet, etc players a major role but not NFT.

albon

legendary

Activity: 1932

Merit: 1549

Quote from: Abiky on October 11, 2023, 06:06:39 AM

It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts Grin

This is one of the reasons why most NFT collections have now lost their value, died, or become scams is that anyone can create his collection. The NFTs he created do not contain any innovation, anything unique, or benefits to their holders. Then, the owner of the collection invites people to mint his NFTs, promising them eligibility for an airdrop as a result of holding his collection's NFTs. In the end, after the creator collects the funds, he withdraws his profits from the total volume and dumps the floor price of the collection, causing investors to lose their funds without receiving the promised airdrop. I've found this a lot before.

I agree with you that the NFTs that are used as virtual items within the game are the ones that are attracting investors. From my point of view, they offer practical use and have benefits for their holders and unique features. As the number of players increases and the game gains momentum, you will find that the value of the NFTs increases greatly over time. Still, most NFTs now Do not offer any innovations, uses, or benefits, and I do not know why some people stick to buying this nonsense for thousands of dollars and holding it.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: bayu7adi on October 10, 2023, 07:14:16 AM

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

That's certainly true, mate. It's so easy to create an NFT out of publicly-available tools on the web. People have gone as far as copying an image from the web and making it an NFT for instant profits. This worked at first when the NFT industry was just starting to blossom. Nowadays, investors are interested in "meme" coins and in-game items as NFTs.

Unfortunately, the vast majority of NFTs on the market are nothing but pure hype. It's this reason why 90% of NFTs are worthless. Unless NFT creators step up to the game, don't expect the industry gaining traction anytime soon. Just my thoughts Grin

jossiel

hero member

Activity: 3220

Merit: 636

DGbet.fun - Crypto Sportsbook

Quote from: AnonBitCoiner on October 10, 2023, 07:00:29 AM

It is true that nft market experienced a very bad downturn. Nft traders are not interesting to buy nfts. NFT creation is very sample, newbie could also create it. The value of Nfts depends upon the utility and the creator. Many people purchase high price nft of big creator just with the thinking that the price will become high in the future. Binance also sell many nft in there launchpad. Unfortunately I also tried 2 NFTs but now price is no more than 5$ while I spend more than 50$.

I learned a good lesson that we should not enter in the trend and if enter than take profit in trend. 90% NFT projects proved scam and completely disappear after they got profit. Many well price nfts losing value and interest but it doesn't not mean that whole nft system is scam. Some projects are still done on real estate which could be proved best use case in the future

Minting was too easy and everyone can do that.

And the market of NFTs have been saturated and that's why it is no good to do because of what they've done so. If there's still a market on it, as with the percentage given.

I'm believing that most of them were already out of the market and small communities are just trying to revive it just to sell what's left on them.

tygeade

legendary

Activity: 2086

Merit: 1058

Quote from: bayu7adi on October 10, 2023, 07:14:16 AM

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

Demand is the keyword here, you need to have some demand to make it going, otherwise it doesn't really make sense at all. I understand that not everyone could feel like it could be something valuable if they do not want to invest, but also if the whole community doesn't feel like it then it will definitely just crash and end.

NFT was never something we liked, the idea of "these do not have any value" was always defended as "so does bitcoin, we put the value in" never made sense because we do put the value in bitcoin, but we don't do that to NFT and this is the proof. It never made any sense at all and the fact that people thought it could was always a joke. I think it will get to a point where we will not hear about NFT's ever again for a long time. We should let it die peacefully and soon enough we will not have to talk about it at all. I bet that after the next halving, we are not going to talk about it all that much and will do fine in the end.

abel1337

legendary

Activity: 2492

Merit: 1145

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: bayu7adi on October 10, 2023, 07:14:16 AM

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

I believe that majority of people who flocked in NFT space don't really care about the uniqueness of the art. Most of them are just there for possible profits they can make even if it's a trashy AI art as long as it has a good potential in making a good profit. There are a lot of trash NFT that are obviously non-collectible but there are some that fetch on a ridiculous price because it is hyped by the community. Now that generating profit on NFT's are harder than ever, there's not much news about it and people are just not interested in it anymore. Which we can see from the decline of NFT top notch projects like bored apes that gradually lose it's value and those projects who are very anticipated before but has a zero marketcap today.

bayu7adi

hero member

Activity: 1470

Merit: 558

dont be greedy

The business concept isn't unique but isn't in demand by the general public. NFTs can indeed serve as a presentation of an artwork collection, but many people create ones that are far from unique, like generating avatars with monkey images and glasses. Almost anyone can create these, even with automated tools like AI. This makes them entirely non-unique.

Initially, the arrival of NFTs was meant to facilitate artists seeking patent recognition for their work. As it turns out, the conventional methods are still more relevant than engaging in bidding wars over NFTs. NFTs have truly been a hype that adorned the world of altcoins. Many have been fortunate, but there have also been quite a few losses. It takes a wise strategy to maintain NFTs in the crypto world.

o48o

legendary

Activity: 3080

Merit: 1178

Leading Crypto Sports Betting & Casino Platform

Quote from: taufik123 on October 03, 2023, 06:58:09 PM

-cut-
But do they as collectors lose out on buying NFTs?
it depends on each person's perspective because there are those who buy NFTs for speculation and those who buy because of pure art.
-cut-

I think that art might play a part in why someone chooses specific nft, but no one buys just purely because of an art. If there's not enough scarcity or liquidity for that nft, it doen't have value in people's eyes, or literal value because of saturated market.

And you technically don't own the art or rights to it without kyc and a specific contract for that. You just own the right to trade the link connected to something. Similar to the fact you can't trade securites without kyc and ability to recover lost securities. Which isn't an option with nft art.

AnonBitCoiner

sr. member

Activity: 1456

Merit: 326

Eloncoin.org - Mars, here we come!

It is true that nft market experienced a very bad downturn. Nft traders are not interesting to buy nfts. NFT creation is very sample, newbie could also create it. The value of Nfts depends upon the utility and the creator. Many people purchase high price nft of big creator just with the thinking that the price will become high in the future. Binance also sell many nft in there launchpad. Unfortunately I also tried 2 NFTs but now price is no more than 5$ while I spend more than 50$.

I learned a good lesson that we should not enter in the trend and if enter than take profit in trend. 90% NFT projects proved scam and completely disappear after they got profit. Many well price nfts losing value and interest but it doesn't not mean that whole nft system is scam. Some projects are still done on real estate which could be proved best use case in the future

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: uneng on October 02, 2023, 11:31:03 AM

Quote

One of the latest studies conducted regarding the NFT market found that 95% of NFT collections have a market capitalization of 0.

The unveiled reality of the NFT market: 95% of NFTs have a market cap of zero

The bearish market has been affecting the whole crypto industry downside, but regards NFT niche, it has been worst. Almost all NFTs have a market cap of zero, meaning investors and adopters have completely lost interest for them after so much hype and excitment we saw during the year of 2021.

Does it mean NFT is a scam sector of crypto market, or is their concept good, but the execution of the projects are wrecking everything? Is it still possible for NFTs to recover their credibility?

This is not surprising, especially when most NFTs have no real use cases for the world. The vast majority of NFTs are simply "JPEGs" obtained freely across the web. They were only created as a means to enrich developers (creators) themselves. Not to bring value/utility to the blockchain. Same goes for "meme" coins.

Until the NFT market matures, don't expect the trend to be taken seriously anytime soon. With RWAs (Real World Assets) right around the corner, I'm yet to see whenever digital art or in-game items as NFTs will become a success in the long run. Crypto often comes up with surprises, so anything's possible. Just my thoughts Grin

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: wajik-tempe on October 06, 2023, 11:05:12 AM

i agree gaming should be seperate with NFTs and the current hype around NFTs might not align with principle that gaming is about fun gameplay.
The rise of play-to-earn games before brought attention to blockchain gaming, but as you rightly pointed out, sustainability and genuine enjoyment are crucial for the long-term success of any game.

Those people are just putting the cart before the horse, there is a limited number of gamers which can make money thanks to their hobby, but this is because the video game itself attracts millions of people that like to play it for the fun of it.

So a few top players can become streamers and show them what can do they when they can put their mind to it and they can earn money this way, but P2E tokens do it backwards, the developers create a game in which no one is interested except for those that want to make money with it, so the early adopters of that game can make money only if later on other players want the same, but since there is not an organic growth for the game then at some point it hits a wall and the video game simply disappears as no one can make money with it anymore.

Topic: 95% of NFTs have a market cap of zero - page 3. (Read 921 times)