Most NFTs are now almost worthless

69,795 of the 73,257 NFT collections analysed by DappGambl today have a market capitalisation of... 0 ethereum. — Photography Justin TALLIS/AFP

It wasn't so long ago that NFTs were being heralded as a mini revolution in the worlds of art and finance and were regularly being snapped up for record sums. But the market for NFTs – blockchain-backed certificates of digital ownership – has been steadily plummeting in recent months. So much so that most of these non-fungible tokens now have virtually zero value, according to a recent study.

The report in question was carried out by crypto and Web 3.0 review platform DappGambl, which analysed 73,257 NFT collections. The report reveals that the current moment of is one of disillusionment for holders of these once coveted assets. The NFT craze dates back to March 2021, when a work by digital artist Beeple, entitled "Everydays: the first 5000 days," sold for a staggering US$69.3mil (about RM326.2mil) at Christie's. That was the moment when the whole world – or so it seemed – fell in love with these digital objects, whose value lies in just a few lines of code.