The Demise of NFTs: From Promised Savior to Worthless Assets

Researchers have found that 95% of non-fungible tokens (NFTs) are now worthless, with the majority of NFT collections having a market cap of 0 Ether. Only 21% of the NFT collections examined were fully sold, indicating a shrinking demand. Additionally, the value of NFTs remains an issue, with 18% of the top collections having a floor price of zero. The researchers also highlighted the environmental impact of NFTs, as the energy required to mint them and power their blockchains contributes to significant carbon emissions. The researchers suggest minting NFTs with utility or reconsidering the entire concept.