When I heard about Non-Fungible Tokens, I thought it was a joke. Make something digital non-useful, assign a “unique identifier” and sell it? Who could be that stupid to invest in that?
Apparently, a lot of people:
A recent study looking at the price of thousands of collections seems to suggest the answer is “yes.”
A report by dappGambl based on data provided by NFT Scan and CoinMarketCap indicated that 95% of non-fungible tokens were effectively worthless. Out of 73,257 NFT collections, 69,795 of them had a market cap of zero ether.
By their estimates, almost 23 million people hold these worthless assets.
Allow me to explain this in Boomer terms: Some dumbasses thought that buying a Pet Rock with a serial number would be a sound financial investment. Right now, they are not even worth to bust a window in an abandoned house.
At the end of the day, the three commodities that will always pay will be beans, bullets and band-aids. You may include precious metals for trading and even there will be a time when they will cease to be useful.