NFT News Today Official TheBitTimes.com

Once upon a time, several crypto community members were seen pouring millions of dollars into JPEG images of apes, punks, rocks, etc. However, the hype associated with NFTs fizzled out with the onset of the bear market. No significant improvement has been registered as of yet. Over the past 30 days, NFT sales on prominent blockchains like Ethereum, Polygon, Solana, Bitcoin, BNB, Cardano, etc. have dipped by 10% to 45%. A couple of chains, like Flow and Mythos Chain, were exceptions. Parallelly, the number of buyers has also been decreasing. Source: CryptoSlam Recent research conducted by dappGambl revealed that the vast majority of NFTs are worthless. Of the 73,257 NFT collections identified, around 69,795 of them had a market cap of 0 Ether. The report pointed out, “ This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to ...

Even in the world of digital apes and other alluring creatures, bears ruled in 2022. The NFT market could not shield itself from the broader slump this year. As a result, most of the top collections treaded on the downtrend path. That said, all hope isn’t lost yet. A recent Coinbase report chalked out that the 2022 NFT slump is healthy. It also asserted that NFT adoption is still in “early stages.” Over the past day, three out of the top five NFT sales were from the Bored Ape Yacht Club collection. An NFT from the Azuki collection also found a place for itself on the list. Users ended up forking out funds in the range of $304k to $152k to acquire these digital tokens. Source: CryptoSlam Read More: 2022 NFT Downtrend Is Healthy, Adoption Still In ‘Early Stages’: Coinbase The NFT Trend This Year As illustrated below, the top NFT mentions this year included words, phrases, and hashtags like ‘ BAYC ,’ ‘boredapeyc,’ ...