Subhechcha Ganguly 
Recall NFTs? In the midst of the hype and trend surrounding the new “cryptocurrency,” which at the time was said to have a lot of potential, the digital representation of art or collectibles linked to a blockchain, typically Ethereum, caused havoc in the market.
According to a report by dappGambl, out of the 73,257 NFT collections that the researchers examined, 69,795 of them, or slightly more than 95%, had a market cap of zero ether. As a result, such NFTs are practically useless. They believe that about 23 million people still possess these useless possessions.
The researchers stated that “this daunting reality should serve as a sobering check on the euphoria that has frequently surrounded the NFT space.” “It is easy to overlook the fact that the market is fraught with pitfalls and potential losses amid stories of digital art pieces selling for millions of dollars and overnight success stories.”
The NFTs experienced a significant bull run in 2021 and 2022, when the monthly trading volume reached $2.8 billion. NFTs like Bored Apes and CryptoPunks were selling for millions of dollars at the time, and well-known people like Stephen Curry and Snoop Dogg got involved in the excitement. The NFT boom occurred at the height of the cryptocurrency boom, when the price of bitcoin was close to $70,000. 41% of the top 8,850 collections by market size are priced between $5 and $100, while 18% are completely worthless. When opposed to the common million dollar deals two years ago, less than 1% of the collectibles have a current market value exceeding $6,000.
