The NFT Crash Continues!

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THE NFT CRASH CONTINUES, AS 95% ARE NOW WORTHLESS

• NFTs are no stranger to dwindling popularity, scams, hacks, and, most importantly, yet to find a suitable use case in the eyes of the majority of people.

• A recent study at dappGamble revealed that 95% of the 72k NFTs are worth 0 Ethereum, which is basically nothing.

• The study also points out the big gap between abundant supply and paltry demand, given the fact that only 1 out of 5 NFTs manage to find a buyer.

• Furthermore, only 1% of 72k NFTs were priced higher than $6,000, and 41% were in the $5-100 range only.

ORIGIN NFT CRASH • In economics, there is a term called ‘Bubble Burst’ that refers to a situation where a market, especially a new one, sees rapid shortterm growth followed by a drastic fall at a similar pace.

• There is a 5-step process in a bubble burst that leads to the total collision of a market, which is detailed in the blog.

OTHER FACTORS IN THE NFT CRASH • There are several factors that led to where NFT stands today, to name a few: • Use Case: For the majority of people, there is nearly zero use case for NFTs, and in other situations where NFT is useful, like gaming, tickets are not mainstream yet.

• Lack of Originality: After gaining popularity in 2021, it naturally attracted people looking for a quick cash grab by selling unoriginal items, doing scams, and laundering money.

For more detailed information on this topic visit to our Blog on cryptoreach app https://cryptoreach.io/blog/nft-crash-continues/

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