We’ve reported this before: In fact, most NFTs (Non-Fungible Tokens) are currently worth almost nothing. According to a report by cryptocurrency analytics firm dappGambl, out of 73,257 NFT collections, 69,795 have a market cap of 0 Ether. This means that most NFTs are not even worth the cost of loading the data.
There are large companies investing in NFTs. GameStop, Nivea, Anheuser-Busch, etc. have carried out NFT projects, but have currently stopped or slowed down their activities. On the other hand, Samsung, Starbucks, CBS Studios, etc. are still carrying out various projects utilizing NFTs. In Korea, Belligom and Pubilla are representative examples.
Despite the declining value of NFTs, do brands still believe there are customers willing to invest in them? There needs to be an analysis of whether marketing using NFTs actually has a positive effect on brands. There needs to be a discussion on whether the NFT market can overcome its current slump and grow again, or whether it will continue to stagnate.
The future of the NFT market is uncertain, but there are still brands investing in this space. These brands seem unwilling to miss out on the potential value and opportunities that NFTs can bring. However, with the value of NFTs continuing to fall, the question is how brands will address this issue.
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