Well, all I can say is that all my floppies are completely "dead" by now... that's mostly because they are very old.
I keep half a dozen of them just by sentimental reasons, and I don't even try them in my floppy drive because I'm almost sure they will not work.
Anyway, I don't use floppies for more than 5 years now - and with today's "pen drives" having capacities of around 1GB it makes no sense to use floppies.
Now about your question: you say it's a 720kb floppy, from which I deduce it's one of the first and so, a very old one. For most certainly its data is corrupted - probably even its partition table is damaged, that's why it says it is not formatted. I don't want to disappoint you, but I would bet it's permanently damaged, so don't expect to get anything from there.
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