# 95% of digital collectibles are now probably worthless, but not the kiwi nft 😏 Source: https://markets.businessinsider.com/news/currencies/nft-market-crypto-digital-assets-investors-messari-mainnet-currency-tokens-2023-9 Kiwi News: https://news.kiwistand.com/stories/95percent-of-digital-collectibles-are-now-probably-worthless-but-not-the-kiwi-nft?index=0x650c06eaaa30474fe901cd3bd0df7b4bbcd1213311bdb6e0612b960c7aa2ff6a00956a3c Submitted by justin.ahn.eth on 2023-09-21 UTC, 2 upvotes, 0 comments ## Summary A report by dappGambl, based on NFT Scan and CoinMarketCap data, found that about 95% of the 73,257 NFT collections it examined had a market cap of zero ether, meaning roughly 69,795 collections are effectively worthless. The researchers estimated that almost 23 million people hold these assets. Among the top 8,850 collections by market cap, 18% are worthless and 41% are priced at $5 to $100, and fewer than 1% have a price above $6,000. The researchers said many sellers may be waiting for a surge in interest like the 2021 boom, which may never recur. ## Article Remember when NFTs sold for millions of dollars? 95% of the digital collectibles may now be worthless. Bored Ape Yacht Club NFTs in Times Square during an NFT conference in June. Noam Galai/Getty Images Are NFTs dead? A recent study looking at the price of thousands of collections seems to suggest the answer is "yes." A report by dappGambl based on data provided by NFT Scan and CoinMarketCap showed that out of 73,257 NFT collections the researchers looked at, 69,795 of them, or slightly over 95%, had a market cap of zero ether. By their estimates, almost 23 million people hold these worthless assets. "This daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space," the researchers said. "Amid stories of digital art pieces selling for millions and overnight success stories, it is easy to overlook the fact that the market is fraught with pitfalls and potential losses." NFTs are digital representations of art or collectibles tied to a blockchain, typically ethereum, and each one has a unique signature that cannot be duplicated. In 2021 and 2022, the NFT market saw a huge bull run, at one point leading to $2.8 billion in monthly trading volume. During that time, popular collections such as Bored Apes and CryptoPunks were selling for millions of dollars, and celebrities such as Stephen Curry and Snoop Dogg participated in the hype. The boom coincided with cryptocurrency's peak when bitcoin was trading close to $70,000. On Wednesday, the price of the crypto hovered just above $27,000. dappGambl's study shows 79% of all NFT collections currently remain unsold, and the surplus of supply over demand has created a buyer's market that isn't doing anything to revive enthusiasm. Even filtering out the lower-value, less significant projects, most collections have little value today. Out of the top 8,850 collections by market cap, 18% are worthless, and 41% are priced at $5-$100. Fewer than 1% have a price tag above $6,000 — a far cry from the regular million-dollar deals of two years ago. The NFT market is dead compared to 2021 and 2022. dappGambl "It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets," the researchers said. "Additionally, this apparent disconnect between listed prices and actual sales could suggest that many sellers are waiting for another massive surge in NFT interest akin to the boom witnessed in 2021, which may not ever occur again." Read next Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Phil Rosen is an award-winning journalist who covers markets and the economy, who worked at Business Insider until March 2024.He's reported for Fortune Magazine, BuzzFeed News, GreenBiz, and US-China Today, among dozens of other outlets. He's the recipient of a Fulbright award to study in Germany, as well as a press fellowship sponsored by the Austrian Foreign Ministry to report in Vienna.He also writes a weekly column on his blog about personal growth, careers, and productivity, and is the author of two books: Life Between Moments: New York Stories (2022) Everywhere But Home: Life Overseas as told by a travel blogger (2020) He earned his Master's of Science at the University of Southern California on full scholarship as an Annenberg Fellow, and studied kinesiology and philosophy at San Diego State University.Connect on Twitter, Instagram, and LinkedIn.Selected stories: Welcome to the Dollar War: A global battle over cash will decide who rules the world economy The world's 2 biggest economies are moving in starkly different directions The Fed has a very strong case to keep rates higher for longer Fed rate hikes are creeping back into the conversation The Fed engineered a miracle. Now comes the hard part. 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