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The Rise and Fall of NFTs: Separating the Worthless from the Valuable

NFTs, or non-fungible tokens, have recently taken the world by storm. These digital assets have become increasingly popular among investors, collectors, and speculators. Unfortunately, a recent study has suggested that a whopping 95 percent of NFTs are now worthless. This article will explore the rise and fall of NFTs, as well as the key differences between valuable NFTs and those deemed worthless.

What are NFTs?


NFTs, or non-fungible tokens, have taken the world by storm in recent years. These digital assets have captivated the attention of investors, collectors, and speculators alike. But what exactly are NFTs?
NFTs are unique tokens that are stored on a blockchain, typically on platforms like Ethereum. Unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are indivisible and cannot be exchanged on a one-to-one basis. Each NFT represents a distinct digital item, whether it be artwork, music, videos, or virtual real estate.
The madness is over: 95 percent of NFTs may now be worthless. While the initial excitement and hype surrounding NFTs brought immense attention to the market, it has also exposed a dark reality. Many NFTs lack inherent value and are merely products of speculation and FOMO (fear of missing out). This has led to an oversaturated market filled with countless worthless tokens.
However, it’s important to note that not all NFTs fall into this category. There are valuable and meaningful NFTs that hold intrinsic worth. In the following sections, we will delve deeper into the rise and fall of NFTs, exploring what makes them valuable, the risks associated with investing in them, and how to determine their true worth. Stay tuned to separate the worthless from the valuable.


The Hype of NFTs


The rise of NFTs brought a wave of excitement and hype to the digital world. It seemed like everyone wanted to get their hands on these unique tokens and cash in on the latest trend. From high-profile artists selling their artwork as NFTs to sports highlights and virtual real estate, the possibilities seemed endless. But now, the dust is settling, and a harsh reality is becoming clear. The madness is over, and it appears that 95 percent of NFTs may now be worthless.
The initial frenzy around NFTs led many to jump on the bandwagon without fully understanding what they were getting into. People were buying NFTs simply because others were buying them, driven by the fear of missing out on the next big thing. But now, it seems that many of these tokens lack any intrinsic value. They were created purely for speculation purposes, with no real demand or utility.
As the hype dies down, it’s crucial to separate the worthless from the valuable. In the following sections, we will explore the reality of NFTs’ worth, the risks of investing in them, and how to determine their true value. Stay tuned as we navigate the world of NFTs and help you make informed decisions in this evolving market.

The Reality of NFTs’ Worth


The reality of NFTs’ worth is a harsh one. As the hype surrounding these unique tokens begins to fade, it becomes clear that many of them may now be worthless. The madness is over, and investors are starting to realize that they were caught up in a speculative frenzy. NFTs were seen as the next big thing, a chance to make quick profits. But the truth is that most of these tokens lack any intrinsic value. They were created solely for the purpose of speculation, with no real demand or utility behind them. Now, many individuals are left with NFTs that hold no value in the market. It’s a hard pill to swallow, but it serves as a valuable lesson. When it comes to NFTs, it’s important to do thorough research and consider the true worth of these tokens before diving in. Don’t get caught up in the hype; instead, focus on finding NFTs that have real value and meaning.

The Risk of Investing in NFTs


Investing in NFTs carries a significant amount of risk. While the initial hype and excitement surrounding these digital assets may have attracted many to jump on the bandwagon, it’s important to understand the potential downsides. One of the primary risks is the lack of intrinsic value associated with many NFTs. Unlike traditional investments, such as stocks or real estate, NFTs often rely heavily on speculation and trends. The market can be volatile, with values fluctuating wildly based on factors that are difficult to predict.
Another risk to consider is the potential for fraud or scams. As with any booming industry, there are unscrupulous individuals looking to take advantage of unsuspecting investors. It’s crucial to thoroughly research any NFT before making a purchase and to ensure that the platform you are using is reputable and secure.
Furthermore, liquidity can be a concern in the NFT market. Unlike cryptocurrencies, which can be easily bought and sold on exchanges, NFTs may have limited avenues for trading. This lack of liquidity can make it challenging to sell your NFT when you need to or to find buyers willing to pay the desired price.
Finally, it’s important to consider the long-term sustainability of the NFT market. While the potential for high returns can be tempting, it’s crucial to question whether the current level of interest and demand for NFTs is sustainable over time.

The Importance of Researching Before Buying NFTs


Before diving into the world of NFTs, it is essential to understand the importance of thorough research. While the allure of quick profits and the excitement surrounding these digital assets may be enticing, it’s crucial to make informed decisions.
Researching before buying NFTs allows you to gain a deeper understanding of the market and its dynamics. By educating yourself, you can separate the valuable NFTs from the worthless ones. Explore the platforms and marketplaces where NFTs are sold, understand the trends, and identify the artists or creators behind the tokens you are interested in.
Additionally, researching can help you evaluate the authenticity and legitimacy of the NFTs you come across. There have been instances of fraud and scams in the NFT space, and taking the time to do your due diligence can protect you from falling victim to these unethical practices.
Moreover, researching allows you to understand the long-term sustainability of the NFT market. Is the current hype sustainable, or is it a passing trend? By examining market trends and predictions, you can make more informed decisions about the value and potential return on investment of specific NFTs.
Remember, rushing into NFT purchases without proper research can lead to disappointment and potentially financial loss. Take the time to dig deeper, understand the intricacies of the market, and make educated choices that align with your investment goals.

Determining the Value of NFTs


Determining the value of NFTs can be a complex task. With so many digital assets flooding the market, it’s important to have a solid understanding of what makes an NFT valuable. There are several factors to consider when evaluating the worth of an NFT.
First and foremost, the scarcity of an NFT plays a significant role in its value. If there are only a limited number of copies or editions of a particular NFT, its rarity increases, making it more desirable to collectors. Additionally, the reputation and credibility of the artist or creator behind the NFT can also impact its value. Established and well-known artists tend to attract higher prices for their NFTs due to their existing fan base and track record.
Another crucial factor to consider is the demand for the NFT. Is there a market for the type of digital asset the NFT represents? Are people actively seeking it out? NFTs tied to popular trends, events, or cultural moments tend to generate more interest and higher values.
Furthermore, the quality and uniqueness of the digital item itself can significantly influence the value of the NFT. Does it showcase exceptional craftsmanship or innovation? Is it a one-of-a-kind piece? These qualities can increase the perceived value of the NFT in the eyes of collectors and investors.
Ultimately, determining the value of an NFT requires careful analysis and consideration. By assessing factors such as scarcity, reputation, demand, and quality, you can gain insights into the true worth of an NFT. However, it’s important to remember that the NFT market is still evolving, and values can be subjective. Stay informed, do your research, and make educated decisions when it comes to buying or investing in NFTs.

Factors Affecting NFTs’ Value


When determining the value of an NFT, there are several key factors to consider. Firstly, scarcity plays a significant role in an NFT’s value. If there are only a limited number of copies or editions available, the rarity of the NFT increases, making it more desirable to collectors. Additionally, the reputation and credibility of the artist or creator behind the NFT can also impact its value. Established artists with a strong track record tend to attract higher prices for their NFTs due to their existing fan base and market demand.
Another important factor to consider is the demand for the NFT. Is there a market for the type of digital asset the NFT represents? Are people actively seeking it out? NFTs tied to popular trends, events, or cultural moments tend to generate more interest and higher values.
Furthermore, the quality and uniqueness of the digital item itself can significantly influence the value of the NFT. Does it showcase exceptional craftsmanship or innovation? Is it a one-of-a-kind piece? These qualities can increase the perceived value of the NFT in the eyes of collectors and investors.
It’s worth noting that the value of NFTs can be subjective and can fluctuate over time. The NFT market is still evolving, and trends may change. Therefore, it’s crucial to stay informed, conduct thorough research, and carefully analyze these factors to make educated decisions when it comes to buying or investing in NFTs. By doing so, you can separate the valuable NFTs from the rest and make the most of this unique digital asset class.

Tips for Identifying Valuable NFTs

In the saturated market of NFTs, it can be challenging to separate the valuable tokens from the worthless ones. However, with a little know-how and careful consideration, you can increase your chances of finding NFTs that hold true value. Here are some tips for identifying valuable NFTs:

  1. Do your research: Take the time to research the artist or creator behind the NFT. Look at their track record, reputation, and previous works. Established artists tend to attract higher prices and have a dedicated fan base, increasing the value of their NFTs.
  2. Consider scarcity: NFTs that have a limited number of copies or editions tend to be more valuable. Scarcity increases demand among collectors and investors, driving up the price.
  3. Evaluate demand: Look for NFTs that are tied to popular trends, events, or cultural moments. NFTs associated with a significant event or that capture the zeitgeist are more likely to have higher value due to increased demand.
  4. Assess the quality and uniqueness: Exceptional craftsmanship, innovative concepts, and one-of-a-kind pieces can significantly impact the value of an NFT. Look for NFTs that stand out from the crowd and offer something unique.
    Remember, the value of NFTs can be subjective and can change over time. Stay informed, follow market trends, and use these tips as a guide to make informed decisions when buying or investing in NFTs.

The Future of NFTs


As we look towards the future of NFTs, it’s important to acknowledge that this digital asset class is still in its infancy. While the current market may be experiencing a decline in value and an oversaturation of worthless tokens, it’s important not to write off NFTs altogether. Instead, we should view this as a valuable learning opportunity and a chance for the market to mature.
Moving forward, we can expect to see a greater focus on quality and authenticity within the NFT space. Artists and creators will continue to explore new ways to showcase their work and engage with collectors. NFT platforms will likely introduce stricter verification processes to combat fraud and scams. As the market becomes more discerning, the value of NFTs will shift towards those that have true artistic or cultural significance.
Additionally, we may witness the integration of NFTs into various industries beyond art and collectibles. NFTs could potentially revolutionize the gaming industry, virtual real estate, ticketing, and even ownership rights for physical assets. The possibilities are vast and exciting.
While the current state of the NFT market may be discouraging, the future holds great potential. By conducting thorough research, evaluating intrinsic value, and making informed decisions, we can navigate the evolving NFT landscape and find tokens that hold genuine worth. The future of NFTs may still be uncertain, but with careful consideration and a discerning eye, we can separate the valuable from the worthless and embrace the transformative power of this emerging digital asset class.

Crypto

Bybit Hack Thief Launders 18M of 1.4B Haul in 60 Hours

Bybit Hack Thief Launders

In a shocking development, the hacker behind the recent Bybit breach has successfully laundered 18m stolen in the 1.4 billion in just 60 hours. This rapid money laundering operation has sent shockwaves through the crypto community, raising serious concerns about digital asset security and the effectiveness of blockchain forensics.

The Bybit Hack: A Quick Recap

Bybit, a leading crypto derivatives exchange, recently fell victim to a sophisticated cyberattack. Hackers stole a staggering $1.4 billion in various cryptocurrencies, marking one of the largest heists in crypto history. For a detailed breakdown of the initial breach, visit Daily Crypto Press.

$18M Laundered in Record Time

Recent reports reveal that the hacker has already begun laundering the stolen funds. Blockchain analytics firms tracked $18 million of the loot being moved through multiple wallets and mixing services within 60 hours. This speedy laundering process highlights the challenges authorities face in tracing and recovering stolen crypto assets.

How the Funds Were Laundered

The hacker used a combination of decentralized exchanges (DEXs), privacy coins, and mixing services to obscure the trail. By converting the stolen assets into privacy-focused cryptocurrencies like Monero (XMR) and using mixers such as Tornado Cash, the thief made it nearly impossible to trace the transactions.

Implications for the Crypto Industry

This incident highlights the urgent need for stronger security measures across crypto exchanges. While platforms like Bybit have implemented robust protocols, hackers continue to exploit vulnerabilities. Additionally, the rapid laundering of funds raises questions about the effectiveness of current regulations in combating crypto-related crimes.

What’s Next for Bybit?

Bybit has assured users that it is working closely with law enforcement and blockchain forensics firms to recover the stolen funds. The exchange has also pledged to reimburse affected users, a move that could set a precedent for how crypto platforms handle future breaches.

Stay Informed with Daily Crypto Press

For the latest updates on this story and other breaking news in the crypto world, visit Daily Crypto Press. Our team is committed to delivering timely and accurate coverage of all things crypto.

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Crypto

Binance Pay Transactions Hit $72.4 Billion

binance payment hit b

The use of cryptocurrency for payments has absolutely skyrocketed! Just look at the expanding user base and transaction volume of Binance Pay in 2024.


According to data provided by Binance and analyzed by CryptoQuant, the number of Binance Pay users has tripled from the previous year, reaching a whopping 41.7 million! This rapid adoption is a clear sign of the increasing role of crypto in everyday transactions.

Stablecoins Lead the Charge

The report found that the total transaction volume processed through Binance Pay in 2024 stood at $72.4 billion, a notable rise from $2.5 billion in 2021.

Stablecoins, particularly Tether (USDT), dominated Binance Pay transactions, accounting for 80% of the total payment volume, which equated to $57 billion. Top crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) followed suit, contributing $6.6 billion, $2.4 billion, and $2.2 billion, respectively, and representing 9%, 3%, and 3% of the total transaction value, respectively.

Another popular stablecoin, USD Coin (USDC), exhibited notable year-over-year growth, with a 1,338% increase in transaction count and a 48% rise in transaction volume.

Broader market trends indicate a rise in high-frequency token transactions on Binance Pay, with Solana (SOL) leading the surge. CryptoQuant found that SOL payments reached $724 million in 2024 and represented a 656% year-over-year increase. During the same period, Bitcoin transactions rose by 73% to $6.6 billion, while Ethereum payments grew by 69% to $2.4 billion. USDC and BNB also recorded notable growth, increasing by 48% and 29%, respectively.

Binance Pay

Binance Pay’s expansion aligns with the overall growth of the crypto market and Binance’s increasing role in facilitating transactions. This trend is further validated by a significant rise in Binance’s cryptocurrency reserves. The USD value of its Bitcoin, Ethereum, USDT, and USDC reserves exceeded $100 billion in 2024, marking a 137% increase from the start of the year when reserves stood at $43 billion.

The surge in Binance Pay usage is a testament to the growing global trend of cryptocurrency adoption.

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Altcoins

Is Pi Network a Scam? Unveiling the Truth Behind the Crypto

PI network

The Pi Network has been a hot topic in the crypto world, sparking debates about its legitimacy. With over 35 million users, this mobile-mined cryptocurrency has raised eyebrows and questions alike. Is Pi Network a scam, or is it a revolutionary project? Let’s dive in and uncover the facts.

What is Pi Network?

Pi Network is a cryptocurrency project that allows users to mine coins directly from their smartphones. Unlike Bitcoin or Ethereum, which require expensive hardware, Pi Network uses a consensus algorithm called the Stellar Consensus Protocol (SCP). This makes mining accessible to anyone with a smartphone, eliminating the need for energy-intensive processes.

How Does Pi Network Work?

Pi Network operates on a unique model where users earn Pi coins by simply opening the app daily. The project is currently in its Testnet phase, meaning the coins mined are not yet tradable on exchanges. The team behind Pi Network claims that the cryptocurrency will transition to the Mainnet phase soon, enabling real-world transactions.

Is Pi Network a Scam?

The question on everyone’s mind is whether Pi Network is a scam. Here are some key points to consider:

  1. No Financial Investment Required: Unlike many crypto scams, Pi Network doesn’t ask for money upfront. Users only need to download the app and start mining.
  2. Transparent Team: The project is led by Stanford graduates, and their identities are publicly available. This adds a layer of credibility.
  3. No Real-World Value Yet: Since Pi coins are not tradable, their value remains speculative. This has led to skepticism among crypto enthusiasts.
  4. Community Trust: With millions of active users, Pi Network has built a strong community. However, the lack of tangible results has caused some to question its long-term viability.

Pi Network vs. Traditional Cryptocurrencies

Unlike Bitcoin or Ethereum, Pi Network focuses on accessibility. While traditional cryptocurrencies require significant computational power, Pi Network’s mobile-friendly approach democratizes mining. However, this also raises concerns about security and scalability.

What’s Next for Pi Network?

The success of Pi Network hinges on its transition to the Mainnet phase. If the team delivers on its promises, Pi could become a game-changer in the crypto space. Until then, users should remain cautious and avoid investing time or resources without clear returns.

Why Pi Network Matters for Crypto Enthusiasts

Pi Network represents a shift in how cryptocurrencies are mined and distributed. Its user-friendly approach could pave the way for mainstream adoption. However, until the project achieves real-world utility, it remains a speculative venture.

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Final Thoughts

While Pi Network shows promise, it’s essential to approach it with caution. The lack of tradable coins and reliance on future developments make it a high-risk, high-reward project. For more insights on cryptocurrencies like Pi Network, visit Myweb3News, your go-to source for the latest in crypto news and trends.

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