Will NFTs Come Back from the Dead?

Durwin Ho
3 min readNov 22, 2023
NFTs have come a long way since the boom, but where will they go from here on?

Ah, NFTs.

Remember when they were the talk of the town?

The digital Mona Lisas of our time, fetching millions in auctions.

Justin Bieber paid $1.3M for his monkey.

The dude who paid $2.9M for Jack Dorsey’s first tweet.

Snoop Dogg paid $7M for his XCOPY NFT.

Even Gary Vee paid $4M for his CryptoPunk #2140.

Fast forward to 2023, and the NFT market is more like a digital graveyard.

And it is still bloody and grievous.

According to a recent study, a staggering 95% of NFTs are now worth a big fat zero.

“Dead NFTs: The Evolving Landscape of the NFT Market” is a new report from dappGambl, a community of experts in finance and blockchain technology.

That’s right, 23 million people are holding onto digital assets that are as valuable as a pet rock.

Many celebrities have jumped on the NFT bandwagon, but how many actually still own them now?

So, what happened?

Why did the NFT market go from boom to bust?

And so, so quickly?

The numbers are grim.

A whopping 79% of all NFT collections are gathering digital dust, unsold and unloved.

Even the celebrities aren’t immune.

They are all feeling the pinch.

But they are celebrities, so don’t cry for them just yet.

Weep for the students who spent their entire summer break working just to splurge on an NFT.

Weep for the normies who got “lured” in by their crypto degenerate friends.

There are still people who hold on to their NFTs, for whatever reason or sentiment.

The decline also signifies a deep waning interest.

Less than 1% of NFTs are going for over $6,000, a far cry from the millions they commanded in 2021.

So, are people losing interest?

100%

The hype has died down, and the reality has set in.

Most NFTs are, let’s face it, not worth that much.

Will the NFT market see a resurgence when the crypto market rises again?

It’s a possibility.

Technology is ever-evolving, and new use cases for NFTs are bound to emerge.

The tech is solid; it’s the application that needs rethinking.

So, what should you do if you’re stuck with worthless NFTs?

NFT trading volume on OpenSea skyrocketed during the hype, and then fell off a cliff right after.

First, don’t panic.

Second, consider holding onto them.

Who knows?

They might become valuable again, especially if new use cases emerge.

After all, one man’s trash is another man’s treasure.

Maybe 20 years into the future, there’s a way to bunch ALL of the worthless NFTs into one giant NFT and then it be worth something for the people living in the future?

The future of NFTs is uncertain, but it’s too early to write them off.

Everyday, new applications and use cases are on the horizon.

And let’s not forget, technology has a way of reinventing itself.

So, before you go off and delete your digital wallet, remember this: tech is tech, and it’s always improving.

Merge, a digital artwork by Pak, sold for $91.8 million on the NFT platform Nifty Gateway in December 2021. For the most expensive piece of living artist art ever sold, the NFT broke the previous record.

Giving up now would be like throwing the baby out with the bathwater.

While the NFT market is currently in a slump, dismissing it entirely would be premature.

The technology has potential; it’s the application that needs work.

And who knows, your worthless NFT could be a goldmine in the future.

Its a big fat maybe, but its better than nothing.

So, are you ready to get rid of your NFTs, or will you hold on for the next wave?

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Do you still own any NFTs?

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#NFTs #Crypto #DigitalAssets #MarketSlump #TechEvolution #HoldorSell #FutureofNFTs #CryptoResurgence #DigitalArt #WorthlessOrPriceless #boredapes #future

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Durwin Ho

CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.