What’s Happening to NFTs Today?
Fast forward to the present, a whopping 79% of all NFT collections are still awaiting a buyer. This surplus of NFTs, combined with dwindling demand, has culminated in a marketplace that heavily favors the buyer. In fact, even when considering only the more notable collections based on market cap, a significant portion struggles with value. A mere 1% have an asking price over $6,000, a stark contrast to the exorbitant prices seen just a couple of years prior.
Are NFTs Risky Investments?
The data paints a picture of an NFT market previously inflated by speculation and hope, distanced from the genuine trading histories of these digital assets. This divide between asking prices and real sales indicates a lingering hope among sellers: a hope for another monumental rise in NFT demand reminiscent of the 2021 boom. However, whether such a resurgence is on the horizon remains uncertain.
