2024-09-08
A recent report released around
mid-August by NFTevening.com indicates that the NFT market is facing
significant challenges, with 96% of NFTs now considered "dead".
NFTevening examined over 5,000 NFT collections
and collected 5 million transactions from NFTScan.
It found that 96% of NFTs are dead which mean these NFTs have zero trading volume, low 7-day sales fewer than 20,
and no activity on X for the last 3 months.
NFT market experienced both rapid
growth between 2021 and 2022 but it began to decline in 2023 and it has
experienced sharp decline in 2024.
This means that the majority of these NFTs
have lost their value and are no longer actively traded. The average lifespan
of an NFT has also decreased to just 1.14 years.
Despite this downturn, some experts
believe that NFTs still hold potential for innovation and transformation in
various industries. The technology behind NFTs, particularly their ability to
verify ownership and authenticity, continues to be valuable.
