Why Digital Collectibles Are Worth Less

Rolling Stone recently reported that according to a study of 70,000 NFT collections, 95% of them have a market cap of 0 ETH. The article suggests that the majority of NFTs are worthless, but some argue that these collections are held for the joy of collecting, not the speculation of investments. The article also addresses environmental concerns and suggests that there won't be another large-scale NFT boom like in 2020-2021. Overall, the article suggests that most NFTs may be worthless, but there are some that are worth more and are held for their cultural value.

A September 22 “report” from the crypto analysis company dappGambl found that 95% of all NFTs are essentially worthless. Of an identified 73,257 NFT collections on the market, 69,795 were worth 0 Ethereum. The sell-off of defunct crypto exchange FTX's assets is driving value down across cryptocurrencies like Bitcoin

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I try to post two videos a week related to NFTs and web3 sharing my journey towards the Metaverse while helping out other Explorers.  
 
Mike Damazo is an NFT Collector, who posts weekly to YouTube. He is most popular for his early NFT videos doing breakdowns of projects, going over tools for Web3, and covering trends in the space.  Mike shares his own experience from minting Bored Ape Yacht Club to going over Dot Swoosh.
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DISCLAIMER: I am not a financial advisor. This video, and the ideas presented in it, are for entertainment purposes only and should not be construed as financial advice. All views expressed on this video and comments made verbally or written do not reflect the views of the Department of the Navy or Department of Defense and are that of my own.