The NFT (NonFungible Tokens) market that reached its peak two years ago is facing a hard-hitting reality check. An astounding 95% of NFT assets are currently worthless, according to a recent study published on the dappGambl crypto platform. NFTs represent unique, non-interchangeable cryptographic tokens that symbolize ownership of a digital object. In 2021, some of these tokens were worth millions of dollars, capturing the attention of media and investors around the world. However, the study's results show a bleak picture of NFTs' market development.

The report, titled "Dead Ntfs: Evolving Landscape of the NFL Market," analyzed 73,257 NFT collections. The study found that 69,795 had a market capitalization equal to zero Ethers, one of the cryptocurrencies used for NFT exchange. This sharply depreciated share belongs to approximately 23 million investors. Even 18% of the leading NFT collections have zero value today, while 41% only sell for modest amounts ranging from $5 to $100. Only less than 1% have a price tag above $6,000. In other words, even the most sought-after NFTs are becoming very scarce and losing their value rapidly. Experts attribute the devaluation to the oversaturation of the market and the lack of real benefits offered by the NFTs. They become obsolete as soon as the hype subsides, as they cease to perform any function.

Despite the crash, the report claims that this is not quite the end of NFTs. Under certain conditions, they are not doomed to disappear. According to experts, the creators of these assets must offer real utility beyond digital collectibles in order for NFTs to withstand market fluctuations. The report also warns that the NFT market is "fraught with pitfalls and potential losses."

The NFT market used to experience wild excitement and gave hope for instant success associated with digital assets. However, the sudden drop in prices from millions of dollars to near-zero in just two years confirms that the NFT market was largely influenced by speculative bubble. The study highlights the significant imbalance between the creation of new NFTs and the real demand for these digital assets, which forces potential collectors to be more selective when making purchases and leads to an even greater drop in prices.

Overall, it seems that the hype around NFTs has faded, leaving many investors disappointed and frustrated. The future of NFTs might be uncertain, but the market has certainly taught a valuable lesson about the price of the hype and the importance of real utility.