The once-booming non-fungible token (NFT) market has taken a significant hit, with a recent report revealing that 18% of the world’s top NFTs hold zero value, and 41% are priced between $5 and $100. This analysis, based on the top 8850 NFT collections, indicates a struggle to maintain demand even among prominent collections. The weekly trade value of NFTs in July 2023 was a mere 3% of its peak in August 2021, and monthly trading volume plummeted 81%, with NFT sales down 61% between January 2022 and July 2023. The report emphasizes the need for investor caution, citing high volatility, lack of artistic value, and potential market manipulation risks. While some believe the NFT market may mature in the future, it currently serves as a reminder of its high-risk nature.