In a recent article, Rolling Stone made a bold declaration, stating that nonfungible tokens (NFTs) are now “finally totally worthless.” Citing a study conducted by dappGambl on the evolving landscape of NFTs, Rolling Stone highlighted that a staggering 95% of NFTs, owned by more than 23 million investors, hold no value at all.
The response from the community has been mixed. While some individuals agree with the report, pointing out previous articles by Rolling Stone that supported NFTs, others remain skeptical. On a Reddit thread discussing the article, most comments align with the report, labeling NFTs as the “worst things to emerge from crypto.” Some even believe that NFTs have been worthless for a long time. However, amidst the consensus, there are optimistic voices that anticipate a future turnaround. One community member remarked, “Some will make a comeback. Some will go up 1000% because of bulls. People will get mad again that pixels are worth millions.”
Twitter also became a platform for discussion, as a community member shared a previous Rolling Stone article promoting the Bored Ape Yacht Club (BAYC) NFT collection. The intention was to highlight the change in narrative within the media outlet.
While opinions remain polarized, some community members anticipate a reversal in the mainstream media’s stance. There is a belief that such posts often precede a change in sentiment, leading to possible opportunities for NFT enthusiasts. One individual even advocated, “now is the time to buy.”
Interestingly, recent data shows a significant decline in Ethereum gas usage for NFTs on August 3rd. This suggests a potential shift in NFT usage, with users opting to hold onto their assets rather than actively trading. In 2021, NFTs dominated Ethereum’s gas usage charts, indicating an active marketplace. However, two years later, many NFT marketplaces have fallen off the list, indicating a change in behavior and possibly a slowdown in trading activity.
The future of NFTs remains uncertain, and the debate surrounding their value continues. As the mainstream media questions their worth, the community remains divided, with some foreseeing a resurgence while others stand firm in their skepticism. Only time will tell how this evolving landscape of NFTs will unfold.
