Mainstream media outlet Rolling Stone has declared that non-fungible tokens (NFTs) are “finally totally worthless,” citing the results of a dappGambl study on the “evolving landscape” of NFTs. The research found that a whopping 95% of NFTs (owned by over 23 million investors) have no value at all.
The community’s response was varied, with some agreeing with the report and others linking previous reports from the outlet that supported the same NFTs they are now calling out.
In a Reddit thread, most comments agreed with the report. Some called NFTs the “worst things to come out of crypto” and others claim they were “worthless ages ago.” Despite this, one community member believes that they may be worthless now, but this may change in the future. “Some will make a comeback. Some will rise 1000% because bull. People will get angry again because pixels are worth millions,” they wrote.
On Twitter, a community member shared an earlier Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection in an effort to highlight the change in narrative within the media.
Community member shares an earlier report from the outlet. Source:
Meanwhile, another community member believes that when the mainstream media shares these types of reports, a “reversal” will inevitably occur, while another endorses the statement, saying that “now is the time to buy.”
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On August 3, Ethereum gas usage for NFTs dropped significantly, indicating a possible shift in NFT usage, with users holding onto their assets rather than actively trading. In 2021, NFTs were at the top in terms of gas usage in the Ethereum network, showing that NFT holders were actively trading and moving their assets. Two years later, NFT marketplaces that once dominated the gas consumption charts have now disappeared from the list.
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