NFTs Are Now Almost Worth Nothing
ColdFusion
Apr 20, 2026
The NFT craze was fueled by speculative mania rather than intrinsic value, leading to a 99% collapse in asset prices. While the underlying blockchain technology for ownership remains, the market's explosive growth was largely driven by wash trading and social contagion, proving that digital scarcity is meaningless without genuine utility.
Key insight: Wash trading accounted for approximately $18 billion of NFT volume on the marketplace LooksRare, meaning 95% of the reported trading activity was essentially self-dealing to artificially inflate prices.
