A comprehensive review of the non-fungible token (NFT) market has revealed that a vast majority of NFTs are experiencing a severe decline in value. Out of 73,257 NFT collections studied, 95% reportedly have a market capitalization equivalent to zero Ether, which suggests they are not currently sellable. This marks a stark contrast from the peak trading volume of $17 billion witnessed in 2021.

The data indicates a market correction with only 21% of NFT collections being fully owned, pointing to an excess supply relative to demand. It appears that the market is gravitating towards NFTs that offer practical utility or have inherent artistic merit. The high-price tags that once dominated headlines have now shifted, with less than 1% of NFTs maintaining listings above $6,000. Most are priced modestly, between $5 and $100, indicating a significant recalibration of value within the NFT space.