Is anybody still buying NFTs?

According to the 2023 report, a staggering 95% of NFTs currently hold little to no value. This revelation underscores the significant decline in the popularity and perceived worth of these digital assets.

The report further highlights the aftermath of the NFT craze that swept through the market between 2021 and 2022. During this period, NFTs garnered immense attention and hype, leading many investors to jump on the bandwagon.

However, the report reveals that despite the initial fervor, the majority of NFT collections have failed to generate significant interest or sales. Specifically, it notes that approximately 79% of all NFT collections remain unsold, indicating a lack of demand and a potential oversaturation of the market.

This situation underscores the importance of conducting thorough research and due diligence before investing in any cryptocurrency or NFT. The rapid fluctuations in value and the high degree of speculation involved in these markets make them inherently risky.

The current state of the cryptocurrency market appears bleak, with little optimism for a swift turnaround. A recent report by dappGambl, a reputable crypto analysis firm, has shed light on the dire situation surrounding NFTs.