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The newest Rolling Stone NFT-related article stirs the pot in the crypto community.
Music and pop culture magazine Rolling Stone recently claimed that non-fungible tokens (NFTs) are “totally worthless,” referencing a study by DappGambl. This has led to various opinions among the crypto and NFT community.
DappGambl’s study, “Dead NFTs: The Evolving Landscape of the NFT Market,” analyzed a massive dataset of 73,257 NFT collections and found that 69,795 of these collections, or 95%, have zero Ether (ETH) market capitalization.
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Additionally, less than 1% of all NFTs are valued at more than $6,000, highlighting that high-priced NFTs are the exception rather than the norm.
The community reaction to Rolling Stone’s article and the study has been anything but uniform.
While a Reddit discussion mostly sided with the findings, citing NFTs as one of the “worst things to emerge from crypto,” some members held a more optimistic view of the future of NFTs. One Reddit user speculated that some NFTs could “go up 1000% because <of> bull” and that the market sentiment would once again shift.
Further challenging Rolling Stone’s viewpoint, a community member shared a previous article by the same media outlet that had once promoted the Bored Ape Yacht Club (BAYC) NFT collection, signaling a change in the media narrative.
Another commentator suggested that media narratives like this often precede a “reversal” in the market.
Contrary to the study, it is noteworthy that NFTs had been major gas users on the Ethereum network in 2021, reflecting a bustling trade and movement of assets. However, recent data from August 3rd indicates that gas usage related to NFTs has dropped significantly, suggesting a slowdown in trading activity and perhaps a shift in how people interact with these digital assets.
The new article by Rolling Stone declaring NFTs as worthless has undoubtedly stirred the pot, eliciting a range of opinions and speculations from the community. While some see this as confirmation of their skepticism, others view it as a potential market pivot point. As debates continue, the future of NFTs remains an open question, and market dynamics may well prove unpredictable.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
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