Sep 25, 2023

Most non-fungible tokens (NFTs) may now be worthless, less than two years after crypto's most recent bull run, a report by dappGambl suggests.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Most NFTS may now be worthless less than two years after crypto. Most recent bull run a report by Dap Gamble based on data provided by N FT scan and coin market cap. Examining more than 73,000 NFT collections found that over 95% of them had a market cap of zero E at its peak and FT trading volume reached $24.9 billion in 2021 compared to just 94.9 million the year before. That's according to Dap Radar. Researchers in the Dap Gamble study said, quote, this daunting reality should serve as a sobering check on the euphoria that has often surrounded the NFT space and quote they added amid stories of digital art pieces selling for millions overnight success stories. It's easy to overlook the fact that the market is fraught with pitfalls and potential losses. Today, fewer than 1% of all NFTS have a price tag of above $6000 out of the top collections the most common price for an NFT is now 5 to $100. That's it for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.

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