NFTs are ‘totally worthless’ says mainstream media, community responds

Mainstream media outlet Rolling Stone has actually declared that nonfungible tokens (NFTs) are “finally totally worthless,” citing the results of a DappGambl study on the “developing landscape” of NFTs. The study found that as many as 95% of NFTs (owned by more than 23 million financiers) have no worth at all.The reaction from the neighborhood has actually been varied, with some agreeing with the report and others connecting previous reports from the outlet that supported the same NFTs theyve now called out.In a Reddit thread, the majority of the remarks agreed with the report. Some called NFTs the “worst things to emerge from crypto,” and others claimed that they were “useless ages back.” In spite of this, a neighborhood member believes that, while they may be useless now, this might alter in the future “Some will rebound. Some will increase 1000% because bull. People will get mad again that pixels are worth millions,” they wrote.On X, a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection in an attempt to highlight the change in story within the media outlet.A neighborhood member shares a previous report from the outlet. Source: XMeanwhile, another community member believes that when mainstream media shares these kinds of posts, a “reversal” is bound to take place, while another backed up the statement by saying that “now is the time to purchase.”Related: Ronaldo teases NFT strategies while on a lie detector testOn Aug. 3, Ethereum gas use for NFTs fell significantly, indicating a possible shift in NFT use, with users hanging on to their possessions instead of actively trading. In 2021, NFTs were on top in terms of gas usage on the Ethereum network, showing that NFT holders were actively trading and moving their assets. 2 years later, NFT markets that when controlled the gas usage charts have actually now fallen off the list.Magazine: NFT Collector: Creative AI art, Tomorrowland offers tomorrows future.