The Cryptocurrency Conundrum: N.O.R.E’s Lament Highlights Disturbing Trends In NFT Investments
As the digital asset market faces a significant downturn, the renowned host of “Drink Champs,” N.O.R.E., took to social media to express his growing frustration on Oct. 9.
The rap artist aired his grievances with a pointed tweet: “Yo my bitcoin or whatever it’s called ain’t worth…!!!”
Sharing a screenshot of this post on Instagram, he emphasized, “I’m mad at cryptocurrency, y’all lied.”
His discontent resonated with his followers, including fellow celebrities Fat Joe and Slim Thug, who co-signed his post with fire emojis and 100 emojis, as reported by Complex.
Yo my bitcoin or whatever it's called ain't worth shit!!!
— N.O.R.E (@noreaga) October 9, 2023
While the extent of N.O.R.E.’s investments in cryptocurrency remains undisclosed, his public exasperation underscores the broader landscape of the crypto market. The most recognized cryptocurrency currently holds approximately $27,000, a stark contrast to its pinnacle at $68,789 in November 2021. This sharp decline in cryptocurrency’s value has created economic woes for various investors, including celebrities who fervently embraced the digital currency.
Furthermore, the allure of the burgeoning NFT (Non-Fungible Token) market has been irresistible for celebrities and everyday investors. These unique digital assets have been touted as valuable collectibles, often exchanged for substantial sums. However, a recent revelation brings the euphoria surrounding NFTs into question.
A study conducted by dappGambl uncovered startling facts about NFT investments. Researchers examined more than 73,000 NFT collections owned by over 23 million investors. The verdict was alarming: 95% of these digital assets possess a “floor price of zero” Ether, rendering them practically worthless. Out of the 73,257 NFT collections analyzed, a staggering 69,795 revealed a market cap of 0 Ether. This statistic underscores the grim reality that 95% of NFT investors are clutching investments bereft of value. Researchers estimate this accounts for over 23 million individuals facing the distressing realization that their NFT investments have become worthless.
The study also disclosed that less than 1% of the top 8,850 NFT collections retained a value exceeding $6,000. In contrast, 41% of these assets fell within $5 to $100, while 18% had no value
These revelations highlight the challenges investors face within the cryptocurrency and NFT markets. N.O.R.E.’s candid expression of frustration mirrors the broader trend of investments losing value within the digital asset sphere. The study on NFT collections serves as a cautionary tale, revealing that the value of many digital assets has significantly depreciated, leaving investors grappling with losses and uncertainties.
As the world of cryptocurrency and NFTs continues to evolve, these challenges underscore the need for investors to remain vigilant and well-informed about the ever-fluctuating landscape of digital assets.