Aurelia Butler

More stories

  • 113 Shares159 Views

    in Cryptocurrency

    Nearly 95% of NFTs are now worthless, report says

    The non-fungible tokens (NFT) market is going through hard times, as 69,795 out of 73,257 digital collections have a market cap of 0 Ethereum (ETH).According to a report by dappGambl, only 20% of the identified collections have full ownership. It means nearly 80% of all NFT collections “have remained unsold.”The report doesn’t specify which NFT collections have been overviewed but says NFT Scan provided the data. The firm believes that many NFT collections face difficulties with adoption due to the lack of clear use cases, compelling narratives, or genuine artistic value.As per dappGambl’s estimations, around 195,699 NFT collections have no apparent owners, while the energy required to mint these digital tokens is comparable to the carbon footprint of 4061 passengers flying from England to New Zealand.The chart of NFT collections grouped by their floor price | Source: dappGamblDappGambl also found that slightly more than 40% of the top NFTs have a floor price between $5 and $100, while 18% of digital collectibles have no price. Only less than 1% of NFTs have a price tag of over $6,000, the report pointed out.Analysts at dappGambl say the data show that the NFT market is now mainly controlled by “speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets.”The market has seen better days as many NFT-related startups have faced difficulties recently.For example, Glass Protocol, a video platform startup, has recently suspended its development, citing a lack of “sustainable demand for video NFTs.” Another NFT startup Voice, initially planned as a decentralized social media network, also stopped offering its services amid regulatory roadblocks.Dovey Wan, the founder of Primitive Ventures, said in a recent X post that the market crisis has also hit crypto unicorns. He hinted that OpenSea is now seeking fresh capital at a $1.2 billion valuation marketplace, down 90% from the $13 billion it had in early 2022.This article was originally published on Crypto.news More

  • 163 Shares159 Views

    in Economy

    U.S. Congress under pressure to reach budget agreement ahead of October 1 deadline

    Government contractors, including defense firms and healthcare companies, are typically the most directly affected by shutdowns. Despite this, Keith Lerner of Truist Advisory Services noted that while shutdowns often cause short-term market volatility and increase investor anxiety, they generally do not have a lasting impact on the market. According to Lerner’s data, since 1976, there have been 20 federal government shutdowns, with an average duration of eight days. The S&P 500 has had an equal number of highs and lows during these periods, with an average return of exactly 0.0%.Congress is also considering a one-month continuing resolution to start the fiscal year, which would provide additional time for negotiations but could lead to a new shutdown threat on November 1. This scenario could prolong market uncertainty and volatility.While shutdowns tend not to have long-term effects on the market, they can still cause short-term economic disruptions. Goldman Sachs economists estimate that each week of a federal government shutdown decreases gross domestic product growth by approximately 0.2 percentage points, although this economic activity tends to rebound once the government reopens.The Federal Reserve’s current monetary policy strategy could be disrupted by a government shutdown due to potential limitations in access to official statistics from federal agencies. The first major data release potentially impacted would be the September jobs report due on October 6, followed by the September consumer price index on October 12.In such a scenario, Fed officials would have to rely on alternative data sources such as state-gathered data, the monthly ADP report on private-sector employment, and nongovernment surveys. However, these sources do not provide as comprehensive a view of the economy.The Federal Open Market Committee’s next interest-rate decision, scheduled for November 1, could be affected by a lack of timely data due to a prolonged government shutdown. This could potentially lower the likelihood of a quarter-point rate increase, currently estimated at one-in-three by futures markets.As negotiations continue, the Department of Defense personnel’s payment date on October 13 is seen as a strong incentive to reach a resolution soon.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More