New Report Says Most NFTs Are Worthless In 2023

NFT non fungible token golden coins falling. Trendy cryptocurrencies and coins on the blockchain technology. Close up view of crypto money in 3D rendering

Photo: Adrian Vidal / iStock / Getty Images

Did you or someone you know buy an NFT when they became popular a few years ago? Turns out they probably aren't worth that much in 2023 according to a new report!

According to a report from dappGamb, which used data provided by NFT Scan and CoinMarketCap, 69,795 of the 73,257 NFT collections (essentially 95% of the NFTs) the researchers examined had a market cap of zero ether.

This supports reports from earlier this summer which revealed that the Bored Ape NFT that Justin Bieber purchased for $1.3 million was now worth around just $60,000, which is a rare occasion for most of the NFTs that are in the wild.

During its peak, in 2021 and 2022, there was an estimated $2.8 billion in monthly trading volume, but the research suggests an estimated 23 million hold virtually worthless assets in their NFTs.

You can read more from the report HERE, but if you happen to have an NFT then now might be the time to get rid of it if it has any value in 2023!

Sponsored Content

Sponsored Content