As highlighted in nftevening.com’s 2024 report, the once-celebrated future of digital ownership, the NFT market, is currently grappling with significant hurdles. The report scrutinized over 5,000 NFT collections and around 5 million transactions to assess the present state of the market.
A staggering 96% of NFTs were deemed “dead,” meaning they exhibited zero trading volume, minimal 7-day sales, and were practically non-existent on social media platforms like X. This unsettling revelation underscores the market’s volatility and the uncertain standing of numerous NFT projects.
Additionally, the report sheds light on the financial strain experienced by NFT investors, with more than 43% of holders finding themselves in the red. On average, these investors have faced a 44.5% dip in their investments. Notably, the lifespan of an NFT now averages just 1.14 years, which is noticeably shorter than that of traditional crypto asset projects.
This brevity indicates NFTs’ struggle to retain long-term value, further contributing to the market’s overall instability. Bitcoin.com News reported that NFT sales have fallen by 41.36% compared to July, with July’s digital collectible sales being 36.6% lower than those in June.
Moreover, nftevening.com’s analysis highlights a stark contrast in the profitability of different NFT collections. While some, like the Azuki collection, have thrived thanks to strong community engagement and savvy marketing, others, such as the Pudgy Penguins collection, have plummeted, with holders suffering a 97% drop in value.
The future of NFTs remains uncertain, leaving us to wonder if they’ve truly reached their lowest point. While other areas within the crypto and blockchain space have experienced growth during the 2024 bull run, NFTs have unfortunately trended in the opposite direction, with a steady decline since the year’s onset. According to Cryptoslam.io metrics, however, NFT sales have settled a total value of $66.128 billion in sales.
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