NFT market continues to sink
The crypto winter seems to be dragging on and the NFT market continues to sink into an unrecognizable torpor. Not long ago, thousands of companies proudly waved their digital collectibles and now, everyone seems to avoid talking about it.
A recent report by dappGambl, a crypto market analyst, revealed that 69,795 out of 73,257 NFT collections have a capitalization of 0 ETH. Indeed, 95% of NFT owners cannot even cover the cost of issuing their .JPG, which represents a setback for the development of the market.
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Losses run into billions as NFT market continues to sink
In a twist of fate, the icy outcome of 2023 left thousands of NFT collections exposed that saw their value and market capitalization disappear. Even the collections of recognized brands such as Starbucks, Coca-Cola, McDonalds and even Ticketmaster have had great disappointments with the industry after their own initiatives.
A situation where 95% of NFT holders incur losses could signal serious challenges for a once-promising market. Although notable collections like Bored Ape Yacht Club still hold their value, it is undeniable that volume and average price have seen a drastic decline over the course of the last year.
More than 1,600 listed NFT collections are âdead.â Source: dappGambl
Interest and purchase intention on the part of users seems to have cooled.
