NON-FUNGIBLE tokens (NFTs) as speculative assets captured the attention of many investors in 2021 and 2022, but much has changed now.
A recent report analysing thousands of NFTs suggests that the value of 18% of world's top non-fungible tokens is zero and top 41% NFTs are valued between $5 and $100. Less than 1% of these NFTs have a price tag of over $6000, according to a report by DappGamble, a crypto platform.
This is based on an analysis of the top 8850 NFT collections listed by CoinMarketCap. This shows that even the most prominent collections are struggling to maintain demand.
An NFT or Non-fungible token is a digital asset and can represent ownership of unique digital files. Floor price is the lowest price an NFT is listed for sale within an NFT collection.
NFT collections were sold for millions and had a huge bull run in 2021 and 2022. Collections such as Bored Ape Yacht Club and Crypto Punks created a hype around the NFT market.
As the value of these assets shot up, few people saw the value of their collection going through the roof, creating huge interest in the market. However, this has turned upside down.
This story is from the September 25, 2023 edition of The New Indian Express.
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This story is from the September 25, 2023 edition of The New Indian Express.
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