The Crypto Community Reacts to Claims that NFTs Are Worthless: Insights and Debates

Is the world of NFTs crumbling, or are we witnessing a temporary market fluctuation?

This comprehensive article delves into the crypto community's varied opinions on the Rolling Stone's recent claim that NFTs are "completely worthless."

Explore viewpoints from Reddit and Twitter, understand potential investment opportunities, and get insights into the current state of the NFT market.

Rolling Stone Declares NFTs "Completely Worthless"

Major media outlet Rolling Stone recently reported that Non-Fungible Tokens (NFTs) have "completely lost their value," citing research by dappGambl.

According to the study, 95% of NFTs owned by over 23 million investors are now worthless.

Mixed Reactions Within the Crypto Community

The community's response to the article has been diverse. While some agree with the Rolling Stone article, others criticize the media giant for flipping its stance, as it previously supported NFTs.

On Reddit threads, many comments concur with the Rolling Stone article. Some users have labeled NFTs as "the worst thing to come out of cryptocurrencies," while others contend that they "already have no value."

However, some community members believe that while NFTs might lack value now, their worth could change in the future. One comment suggests, "Some will be revalued. Some will surge 1000%. People will get angry again when pixels have millions in value."

On Twitter, a community member shared a previous Rolling Stone article that praised the Bored Ape Yacht Club (BAYC) NFT collection, highlighting how media perceptions have changed.

Mainstream Media’s Impact and Investment Opportunities

Some believe that sharing such articles by mainstream media could trigger a "reversal," and another member supports this thought by saying, "Now is the time to buy."

NFT-related Ethereum gas usage has significantly declined, indicating that users are more inclined to hold assets rather than actively trade them.

In 2021, NFTs were at the top of Ethereum network's gas usage list, signifying that NFT owners were actively trading.

Two years later, these once-dominant NFT marketplaces have vanished from the list.