this post was submitted on 21 Sep 2023
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

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[โ€“] hstde@feddit.de 0 points 1 year ago (1 children)

So like art. No tangible assets, but the value is derived by the highest bidder.

[โ€“] Honytawk@lemmy.zip 1 points 1 year ago

The thing with art is that even if the art itself is completely worthless, the materials used are not.

You can sell a "worthless" painting to be used as firewood.

Same with digital assets, they can be sold to be used as templates or even to train an AI.

But a location in some useless database (which is essentially what an NFT is) does not.