Nonfungible tokens (NFTs), since their inception, have been looked upon with intrigue and scepticism alike. Recent claims among mainstream media outlets, such as Rolling Stone, suggest that NFTs are ‘totally worthless’, citing results of a study by dappGambl. This incendiary assessment comes on the back of said study’s findings that up to 95% of NFTs, held by more than 23 million investors, hold no real value.
It goes without saying that such a stark blow has invoked a mixed response among the crypto community. While the narrative of NFTs being ‘worthless’ finds concurrence among some, others perceive this as a potential opportunity to buy more. NFT enthusiasts believe that this bearish sentiment will eventually lead to a bullish resurgence in the future with value perceived in ‘pixels worth millions’.
Highlighting the change in media rhetoric around NFTs, a community member shared an old Rolling Stone article which previously held a favorable opinion of the Bored Ape Yacht Club NFT collection. Readers in the favour of NFTs consider these reports as another attempt by conventional media houses to sway opinions about this highly debated crypto product.
Interestingly, on August 3rd, the Ethereum gas usage for NFTs markedly dropped, indicating that users might be switching to a ‘hold’ strategy for their assets rather than trading aggressively. This shift could also signal an emerging change in the overall NFT landscape, where the once dominant crypto asset class has seen a dip in public interest and use. If the usage trend continues in this direction, are we witnessing the decline of NFTs or simply a market correction?
Amid these varying opinions, we’re left to ponder the future of NFTs and the shifting opinions of the masses. One side argues that they are a symbol of the worst aspects emerging from the crypto world, while the other sees an opportunity for a future rebound. What ramifications this holds for the world of blockchain-based art and collectibles remains to be seen.
Source: Cointelegraph
