JAKARTA – NFTs (Non-Funible Token) has caused a stir in the world during the Covid-19 pandemic from 2021 to 2022. This NFT is a digital asset, a precious object with a value that cannot be exchanged. Unfortunately, the popularity of NFTs appears to be coming to an end. Many people have lost fortunes investing in NFTs.
In 2014, Kevin McCoy created Quantum, the first non-fungible token (NFT), ushering in the NFT era. However, NFTs only became known to the public in 2017 and became popular in 2021. In their heyday, many original NFT collections began to appear on the Ethereum blockchain.
At the time, NFT artwork sales peaked at nearly US$15 million per month or the equivalent of IDR 240 billion, with the most expensive NFT reaching a price of IDR 91.8 million US dollars, or the equivalent of IDR 1.4 trillion. Following the peak trend of the time, people began investing in any NFT they could find.
There are two reasons that drive people to buy NFTs. Those who have business reasons will invest in reselling the NFTs they own to make a profit.
Meanwhile, there are also those who buy NFTs just for fun. They don’t care about the declining sales value of the NFT, but rather the right to own the original item.
Reporting from dappGamblOn Tuesday (10/03/2023), as many as 69,795 of the 73,257 NFT collections found had zero capitalization in Ether. This figure shows that 95% of worthless NFT collections representing over 23 million investors worldwide are losing money. Even these stories of selling digital art that made it an instant success are useless because the market is full of pitfalls and potential losses.
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