The once-thriving market for skateboarding NFTs has hit a dead end, with the digital tokens now worth nothing.
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Even Olympic gold medalist Yuto Horigome, whose NFTs once commanded top prices, has seen his digital collectibles lose value.
According to reports, two years after the trend took off and swept up artists and skateboarders, researchers estimate that a staggering 23 million people now hold worthless investments.
At the height of the craze, skateboarding NFTs were seen as a novel way for fans to connect with their favorite athletes and artists while potentially making a profit.
The appeal of owning a piece of digital art or a memorable skateboarding moment in tokenized form was undeniable.
As quickly as the skateboarding NFT market soared, it plummeted even faster. The reasons behind this dramatic crash are manifold.
First, the initial hype surrounding NFTs led to a flood of new entrants into the market, many of whom were speculators looking to make a quick profit. This influx of investors drove up prices to unsustainable levels.