The newest Rolling Stone NFT-related article stirs the pot in the crypto community.
Music and pop culture magazine Rolling Stone recently claimed that non-fungible tokens (NFTs) are "totally worthless," referencing a study by DappGambl. This has led to various opinions among the crypto and NFT community.
DappGambl's study, "Dead NFTs: The Evolving Landscape of the NFT Market," analyzed a massive dataset of 73,257 NFT collections and found that 69,795 of these collections, or 95%, have zero Ether (ETH) market capitalization.
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Additionally, less than 1% of all NFTs are valued at more than $6,000, highlighting that high-priced NFTs are the exception rather than the norm.
The community reaction to Rolling Stone's article and the study has been anything but uniform.
While a Reddit discussion mostly sided with the findings, citing NFTs as one of the "worst things to emerge from crypto," some members held a more optimistic view of the future of NFTs. One Reddit user speculated that some NFTs could "go up 1000% because <of> bull" and that the market sentiment would once again shift.
Further challenging Rolling Stone's viewpoint, a community member shared a previous article by the same media outlet that had once promoted the Bored Ape Yacht Club (BAYC) NFT collection, signaling a change in the media narrative.
Another commentator suggested that media narratives like this often precede a "reversal" in the market.
Contrary to the study, it is noteworthy that NFTs had been major gas users on the Ethereum network in 2021, reflecting a bustling trade and movement of assets. However, recent data from August 3rd indicates that gas usage related to NFTs has dropped significantly, suggesting a slowdown in trading activity and perhaps a shift in how people interact with these digital assets.
The new article by Rolling Stone declaring NFTs as worthless has undoubtedly stirred the pot, eliciting a range of opinions and speculations from the community. While some see this as confirmation of their skepticism, others view it as a potential market pivot point. As debates continue, the future of NFTs remains an open question, and market dynamics may well prove unpredictable.
