LexLine #168 - NFTs are Now "Finally Worthless". So Now What?

Could the perceived "worthless" value of NFTs' Ultimately be A Positive Thing for These Collectables? Rolling Stone recently published an article based on a study by dappGambl, suggesting that 95% of NFTs are worthless. The study included 73,257 NFT collections, with 69,795 having a market cap of zero ETH, suggesting 95% of these NFTs are essentially worthless. ,The perceived worthlessness of NFTs could serve as a positive refining mechanism, fostering innovation, sustainability, and enhanced quality in the NFT space. It allows for market corrections and provides entry points for new stakeholders. Furthermore, seemingly “worthless” NFTs have multiple pathways to potentially gain value over time, through factors like scarcity, historical significance, community building, market sentiment shifts, external validation, and utility enhancement. The dynamism and the multifaceted nature of the NFT market hint at a future where value perceptions and applications of NFTs are diverse and ever-evolving.