Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH). This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% include over 23 million people whose investments are now worthless. - Dead NFTs: The Evolving Landscape of the NFT Market
This quote ic coming from a recent study. It does not come from a renowned NFT skeptic (that would be me) or your garden variety tech Luddite, but from a company that is a self-declared enthusiast selling "Everything about Blockchain, Crypto Gambling & dApps."
I'm sure that all sportswear and luxury companies that went crazy with the NFT hype these last years are not going to be caught up by any toxic spill-off of any sort... 🙄
It's not like the numerous practical issues about NFT weren't clearly on the table:
Could I mint an NFT about the new Louis Vuitton collection? Sure. I don't even have to own the physical asset or the intellectual property. Or, if LVMH is minting the NFT directly, you could buy it directly from them. You still own nothing in any case but the NFT itself. Except that owning an LVMH NFT would improve your bragging rights. Remember when scammers were selling "the rights" to name a star? It's the same principle, but now with blockchain technology. - innovation copilots, circa 2022
Beyond the obvious, slow, and painfully ongoing NFT shipwreck, this should, at the very least, remind you of one of the key corporate innovation rules:
Never let the marketing team lead any consumer innovation project.