NFT Market Crash: 95% of Collections Worth Zero

A study by dappGambl, based on data from NFT Scan and CoinMarketCap, reveals that 95% of over 73,000 NFT collections now have zero value. Approximately 23 million people hold worthless assets. Justin Bieber's Bored Ape Yacht Club NFT, purchased for over $1 million in January 2022, is now worth about $37,000. Madonna's Bored Ape, bought for $470,000, has fallen 89% to around $50,000. CryptoPunks by Larva Labs now trade at about $70,000, down from over $300,000. 79% of collections remain unsold due to oversupply. Lawsuits have been filed against Sotheby's and celebrity endorsers Paris Hilton, Bieber, and Madonna for allegedly misleading promotion of Bored Ape NFTs to manipulate prices. Bitcoin dropped from nearly $70,000 in November 2021 to under $25,000 by September 2023. Despite the crash, some institutions had embraced NFTs: Italy's Castello di Rivoli Museum collaborated with Beeple, whose work sold for $69 million at Christie's; the Vatican launched an NFT gallery in 2022; and platforms like Objkt.one launched on Tezos. However, many works now sell for cents.