The NFT market has cratered. Are we really that surprised?

Data from the Block reveals a weekly traded value of around $80 million in July 2023, just 3% of its peak back in August 2021. So what happened? NFTs had a bull run then crashed. Hard. We now find ourselves in the midst of a bear market for NFTs, with numerous projects now struggling to find buyers following a pessimistic market outlook on their future value.

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Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH).

This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people whose investments are now worthless.

The whole concept of the NFT was stupid. And if you invested in NFTs, well stupid is as stupid does. Here is a great conversation with Bill Mahr and Ben McKenzie:

You really can’t make this stuff up.