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NFTs Face Criticism as Mainstream Media Labels Them “Totally Worthless”

NFTs experienced a significant decline on August 3, signifying a potential shift in NFT usage patterns.

by Alexander
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In a surprising turn of events, mainstream media outlet Rolling Stone has declared nonfungible tokens (NFTs) as “finally totally worthless.” This dramatic assertion is based on the findings of a dappGambl study that delves into the ever-evolving landscape of NFTs, revealing that a staggering 95% of NFTs owned by over 23 million investors have been deemed devoid of value.

Mixed Reactions from the NFT Community

The response from the NFT community has been far from unanimous. While some members align with Rolling Stone’s report, others are quick to point out the outlet’s previous support for the same NFTs now under scrutiny. A Reddit thread showcases a variety of opinions, with some dubbing NFTs as the “worst things to emerge from crypto” and others asserting that they were “worthless ages ago.” However, one community member remains optimistic, suggesting that the current state of NFTs may change in the future, with some making a comeback and potentially surging in value.

Community member sharing a previous report from the outlet. Source: X

On Twitter, an NFT enthusiast draws attention to a previous Rolling Stone article that fervently promoted the Bored Ape Yacht Club (BAYC) NFT collection. This tweet underscores the remarkable shift in narrative within the media outlet, leaving many to ponder the factors behind such a reversal.

Predictions and Reactions in the Face of Criticism

Amidst the controversy, some members of the NFT community foresee a potential “reversal” when mainstream media delivers such critiques. Others are more bullish, declaring that “now is the time to buy.” These contrasting viewpoints reflect the uncertainty surrounding the future of NFTs in the wake of this critical assessment.

Notably, Ethereum gas usage for NFTs experienced a significant decline on August 3, signifying a potential shift in NFT usage patterns. This shift suggests that users are opting to hold onto their NFT assets rather than actively trading them. A stark contrast to 2021, when NFTs topped the charts for Ethereum gas usage, indicating a flurry of activity among NFT holders. Today, NFT marketplaces that once dominated these gas usage charts have vanished from the list, raising questions about the evolving dynamics of the NFT market.

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