April 19, 2024
Rolling Stone's latest take on NFTs sparks controversy

Rolling Stone’s Bold Assertion: 95% of NFTs Worthless, Finds DappGambl Study

Rolling Stone, a prominent mainstream media outlet, has asserted that nonfungible tokens (NFTs) have reached a point of being ultimately devoid of value. This statement is grounded in the findings of a DappGambl study examining the changing landscape of NFTs. According to the study, a staggering 95% of NFTs, held by over 23 million investors, possess no intrinsic value whatsoever.

The reaction from the community has been diverse, with some endorsing the report’s assessment and others drawing attention to prior Rolling Stone articles that had previously endorsed the very same NFTs now being criticized.

In a Reddit discussion, the majority of comments aligned with the report’s conclusions. Some labeled NFTs as the most undesirable outcome to emerge from the realm of cryptocurrency, while others contended that NFTs had been devoid of value for quite some time. Nevertheless, one community member expressed the belief that, although they may currently lack value, this situation might evolve in the future. They stated that certain NFTs may experience a resurgence. Some could appreciate by 1000% due to market dynamics. People may once again be astounded that digital pixels are valued in the millions.

On another platform, a community member shared a previous Rolling Stone article that had promoted the Bored Ape Yacht Club (BAYC) NFT collection, aiming to underscore the media outlet’s shifting narrative. Simultaneously, another community member held the view that when mainstream media disseminates such content, a reversal is inevitably on the horizon, and another concurred by stating that now is the opportune time to invest.

Notably, on August 3, there was a significant decline in Ethereum gas usage for NFTs, signaling a potential transformation in the way NFTs are used. Users appeared to be holding onto their assets rather than actively engaging in trading. In 2021, NFTs were at the forefront of Ethereum’s gas usage, indicating active trading and asset movement. However, two years later, NFT marketplaces that once dominated the gas usage rankings have dropped off the list.

Image by pixabay

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