NFTs are down roughly 75% by floor price over the last 45 days | Hacker News Reader

NFTs are down roughly 75% by floor price over the last 45 days

coingecko.com

5 pointsanm8910 comments

The astonishing thing is that they continue to have any value at all. But "A fool and his money are soon parted". This years's Tulip Mania will end the same way as the original one did.

The top ones are still worth hundreds of thousands. A lot of them are owned by celebrities and other people who are probably pretty price insensitive.

I wonder what price they'll get when the sell them. Probably more than the 'man in the street' would get for the same object.

But that happens with any object at all that has been previously owned by celebrities, so it's not indicative of what the 'normal' sale-price would be for the same object owned by any Joe SixPack on the open market.

Grab your popcorn!

My gut is that many of them will never sell. They'll just remain trophies. Better than losing face on a 95% loss.

>Better than losing face on a 95% loss.

Maybe for their ego, but never selling is akin to a 100% loss. Of course when a person has enough money they can just buy into it for the temporary entertainment value.

I'm saying specifically for the kind of person who'd buy a 300k jpeg in the first place.

Obviously, this is a terrible investment strategy.

Good, this is a horrible implementation of what could be a worthwhile thing.

Imagine if instead of getting some of the cheapest procedurally generated "art", you got a signed poster or something and the NFT verifies it's authenticity.

That would be an actual use case for this technology, for anything collectible forgeries are extremely common

They can't keep the artificial hype train going forever.

is this floor price in $ terms or ETH terms?

No, in USD. It's down less in ETH terms. You can go play with the charts on that site. It shows both.

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