PANews, November 12 news. According to Bitcoin.com, a study found that 98% of NFTs released in 2024 have seen no trading activity since September, with 64% of the NFT minting volume being less than 10. According to the (2024 NFT Release Status Report), this limited trading activity indicates a lack of enthusiasm or confidence from investors in these projects. This finding may also suggest a mismatch between supply and demand for new NFTs. The authors of the report believe that low user engagement and low minting volume highlight the difficulties that creators may face when launching new NFTs. This apparent market saturation corresponds with a waning interest from users in NFTs and the metaverse. As interest and trading activity decline, some large tech companies that were actively engaged in the NFT and metaverse craze a few years ago are reporting significant losses, with some companies having completely abandoned or no longer prioritized their metaverse projects.
Other concerning indicators also suggest that the market is declining, including NFT prices dropping by at least 50% within the first three days of trading. Among the NFTs released in 2024, 84% have a peak price that matches their minting price, indicating that buyers are adopting a more conservative attitude. Furthermore, only 0.2% of all NFTs released have brought profits to investors, highlighting the overall predicament of the industry. The report suggests that creators address the issue of market oversaturation by focusing on community building and providing unique utility.
