According to Cointelegraph, a study by dappGambl on the 'evolving landscape' of nonfungible tokens (NFTs) has found that 95% of NFTs, owned by over 23 million investors, have no value at all. Mainstream media outlet Rolling Stone has declared NFTs as 'finally totally worthless' based on these findings. The response from the community has been varied, with some agreeing with the report and others pointing out previous reports from the outlet that supported the same NFTs they are now calling out.

In a Reddit thread, most comments agree with the report, with some calling NFTs the 'worst things to emerge from crypto' and others claiming they were 'worthless ages ago.' However, one community member believes that while they may be worthless now, this may change in the future, stating that 'some will make a comeback' and 'some will go up 1000% because bull.'

On Twitter, a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection, attempting to highlight the change in narrative within the media outlet. Another community member believes that when mainstream media shares these types of posts, a 'reversal' is bound to happen, while another supported the statement, saying that 'now is the time to buy.'

On August 3, Ethereum gas usage for NFTs fell significantly, signaling a potential shift in NFT usage, with users holding onto their assets instead of actively trading. In 2021, NFTs were at the top in terms of gas usage in the Ethereum network, indicating that NFT holders were actively trading and moving their assets. Two years later, NFT marketplaces that once dominated the gas usage charts have now fallen off the list.