Shiba Inu’s Shytoshi Kusama recently drew attention to a new non-fungible token (NFT) drop associated with Paris Hilton. In a social media post, Kusama shared a SHiB-themed NFT from the collection, highlighting the collaboration between Paris Hilton, Ubisoft, and Charli Cohen.
The NFT drop, called “MareBears,” features interactive digital pets priced at 0.077 ETH each, with a total supply of 15,000. Paris Hilton expressed her excitement for the unique “MareBear” with traits specific to her.
However, despite the enthusiasm surrounding NFTs, a recent study by dappGambl indicates a decline in their value. The study found that 95% of NFT collections are now considered worthless, reflecting a significant downturn in a market that once reached a trading volume of $17 billion during the 2021 bull market.
The study suggests that this depreciation is due to an oversupply of NFTs and a lack of demand, particularly for collections without clear use cases or artistic value. Only 21% of NFT collections have full ownership, further contributing to the decline in value.
Nevertheless, the study also proposes that NFTs could evolve to find specific functional use cases, which may help revive the market. This evolution would involve creating NFTs with practical applications and genuine value beyond the novelty factor.
In conclusion, while Shiba Inu and Paris Hilton’s NFT collaboration has generated excitement, the overall outlook for NFTs remains bleak. The market is currently grappling with an oversupply of NFTs and a lack of demand, leading to a significant depreciation in their value. However, there is hope that NFTs could make a comeback if they can find specific use cases that offer true value to buyers.
