An investigation by dappGambl revealed that out of a sample of 73,257 NFT collections, 69,795 (95%) have a market cap of 0 Ether (ETH). This indicates that around 95% of the investments on NFTs are currently worthless in the market. [report]
Non-fungible Tokens (NFT) had taken a ride along with the cryptocurrency boom and peaked in 2021/22 when it was regularly buzzing in the news with celebrities joining the hype.
An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded. The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event. [Wikipedia]
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