Posted on 09/21/2023 8:32:11 AM PDT by catnipman
New report from industry researchers finds that 95 percent of the once-hyped crypto assets have hit rock-bottom valuation
NFTs, or non-fungible tokens, once vaunted as a revolution in crypto and digital art, are largely worthless.
Upon analysis of 73,257 NFT collections, the authors found that 69,795 have a market cap of zero Ether (ETH)
The study estimates that some 23 million investors own these tokens of no practical use or value.
What’s more, supply vastly outstripped demand for NFTs. Just 21 percent of the collections included in the study can claim full ownership, meaning around four out of every five collections remains unsold.
(Excerpt) Read more at rollingstone.com ...
I googled this......
‘The Merge’ remains the most expensive NFT of all time. It was sold at $91.8 million during the month of December 2021.
When theses came out, I never could figure out how they had any value at all, I guess I was right, they don’t
What happened? I read an article about a year ago which said non-fungible tokens were a great side Hustle. The article cited a young 20 something woman who made $2,000 a month with non-fungible tokens.
So much for that investment.
I wonder how Bitcoin is holding up as an investment.
OMG! I also googled this.......
merge (M) is an NFT collection. merge (M) price floor today is $152.97, with a 24 hour sales volume of 0.26 ETH. As of today, there is a total of 20,868 NFTs minted, held by 7,929 unique owners, and has a total market cap of $3,192,188.
Wow, you’d think it would be ‘The Tulip.’
Learn something new every day!
I bought an NFT of tulips and it’s going to make me rich!!!!
2. NFT...
You be the judge.
Bitcoin is holding up nicely. It’s now regarded as a currency and is traded internationally.
Me too. They seemed utterly ridiculous on its face. I usually tell myself "you could be wrong," but in this case I said to myself "I don't care" and didn't even bother to do more research on this topic.
Its interesting to note that this NFT bubble peaked exactly at the time of peak Federal Reserve rate cutting and US Government "stimulus" due to Covid.
I suppose the lesson to be learned again here is that printed, fiat, politically-controlled money will ALWAYS cause ridiculous bubbles, and extreme social phenomena.
My Trump NFTs are still worth more than double what I paid for them. Some of those absurd amounts paid for some NFTs have to be money laundering. Sort of like buying a painting by Hunter Biden.
This whole NFT is an example of a good idea used so stupidly it will ruin the good stuff as it comes.
NFTs could be very useful when it comes to things like title searches. Using an NFT/Blockchain to record deeds and titles means that you can verify a real, immutable, and accurate title ownership in seconds. For nothing.
NFTs can be used for any kind of tracking like that. But, these idiots turned them into Trump cards and other crap.
Clearly, the people working on these systems will likely change the terminology and continue to develop them.
Blockchain technology is significant. And as soon as the charlatans get out of the way…the better for those systems that can benefit from a boost in efficiency.
>>NFTs, or non-fungible tokens, once vaunted as a revolution in crypto and digital art, are largely worthless.
NFTs are mostly used for money laundering anyway. The buyers never needed them to hold value.
I am seriously curious…have you tried to sell them? And where is the “marketplace” for them?
That is actually a misconception. It’s a fallacy that is ancient in terms of the crypto world. If you want to get rid of money laundering, re-issue the $100 bill and make everyone go to a bank and exchange them. Trillions of dollars would disappear in a day. The cartels would go broke.
The art market is always weird anyway. All value on art is basically random based on who wants that art. The “best” painting in the world can be worth nothing if nobody with deep pockets cares about it. Some random scribble on a napkin can be worth millions if a couple of deep pockets decide they want it. So in that regard NFT isn’t different than any other art.
I find it amusing that people always refer to the all time high when speaking of bitcoin. They never use the same nomenclature that is used for any other asset.
Since I bought my first group in 2013, its had an average annual compound return of 36%. I bought my first group for $88 apiece. I still own them. I would think that a price of $27k 10 years later is a pretty good return.
Telsa’s all time his was $409. It’s $257 as I type. But the stock folks usually only refer to a 52 week high.
I would never suggest anyone buy any asset as everyone’s plans and tolerance for swings is different. And, boy…there are swings in bitcoin. It was “fun money” in 2013 and I’ve harvested enough (and paid the taxes) so that it remains fun money.
But, keep an eye on it. It is likely to move significantly in 2024.
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