301
95% of NFTs are Worthless: Report
(petapixel.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Sep 2023
301 points (100.0% liked)
Technology
37708 readers
163 users here now
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 2 years ago
MODERATORS
The real question would be: how many of those 5% can be sold for more than the initial asking price.
...but NFTs were never for the buyers, they were for the creators: even if they fall to 1/1000000th the initial value, a 2.5% cut on every sale is still more than 0.
If the values fall low enough relative to transaction fees then there won't be any transactions at all for creators to collect royalties. Also values can drop to literally $0 if it isn't even worth a buyer or sellers time to deal with the NFT (i.e. seller can't find buyer at any price or doesn't bother trying).