NFTs (non-fungible tokens), which have been on the rise with the momentum in the cryptocurrency sector during the pandemic, have become one of the areas where investors have lost the most in recent months. In recent months, the market value of Twitter Founder Jack Dorsey's first tweet, which was sold for $2.9 million in 2021, fell below $3. According to a new report by dappGambl, which analyzed NFT Scan and CoinMarketCap data, 69,795 of the 73,257 NFT collections have a market capitalization of 0 Ether. The number of people who own these investments was announced as 23 million.

1 PERCENT ABOVE 6 THOUSAND DOLLARS

"While there are overnight success stories on the one hand, it is important to keep in mind that the market is full of pitfalls and potential losses," the report said, adding that such downward shifts should be carefully scrutinized before making any purchasing decisions. The report in question drew attention to the fact that 79 percent of NFT collections were not sold due to the lack of sufficient demand in this highly volatile market. A total of 8,850 NFT collections were analyzed in the research. It was noted that 18 percent of the best collections had a base price of zero, while 41 percent of the largest collections were priced between $5 and $100. Less than 1 percent of the collections were valued at over 6 thousand dollars.

SPECULATIVEEMPHASIS

The research also revealed the amount of energy required for NFT production. Accordingly, it was stated that the energy required for the 196,699 NFT collection corresponds to 27.8 kilowatt hours and causes approximately 16,243 tons of carbon emissions. This carbon emission value is equivalent to the annual emissions of 2,048 houses or 3,531 cars. The report also pointed out that the number of dead NFTs, which are used to describe a project or collection that has ended, will be higher than expected. "It is clear that much of the NFT market has been shaped by speculative and promising pricing strategies," the report said, adding that NFTs may still have a place in the future despite all the developments.

'DECLINES ARE A SIGN OF PROGRESS'

According to DAPPRADAR's report published last August, the decline in transaction volume in NFTs continued. NFT transaction volume fell 29 percent month-on-month to $632 million. The total number of NFT sales also fell by 23 percent to 3.7 million. The report noted that the decline in transaction volume does not necessarily indicate a decline in interest in NFTs; it may be an indication that the industry is in a stage of maturity and development.

REFİK ANADOL STANDS OUT FROM TURKEY

REFİK ANADOL's 'Casa Batllo: Living Architecture' was auctioned in 2022 for 1 million 380 thousand dollars. "In the last 2.5 years, I have created NFT collections of about 11,000 coins and sold more than $30 million worth of NFTs," Anadol said in a statement he made in recent months.

THE MOST EXPENSIVE NFT'S EVER SOLD

TPunk #3442
10.5 million dollars

CryptoPunk #4156
10.26 million dollars

CryptoPunk #5577
7.7 million dollars

CryptoPunk #3100
7.58 million dollars

MERGE
91.8 million dollars

Everydays
The FIrst 5000 Days by Beeple
69.3 million dollars

Clock
52.7 million dollars

Human One
29 million dollars

CryptoPunk #5822
23.7 million dollars

CryptoPunk #7523
11.75 million dollars