According to a report from Bitcoin.com News on November 12, the latest release of the (2024 NFT Issuance Status Report) reveals a grim situation in the NFT market. The data shows that among NFT projects issued in 2024, 98% have had no trading activity since September, and 64% of the projects have a minting volume of fewer than 10.
The report indicates that 84% of NFT projects have a historical peak price that is only equal to the minting price, and most projects see a price drop of over 50% within 3 days of trading starting. Only 0.2% of NFT projects have generated profits for investors.
Researchers indicate that such low market participation suggests that a large number of projects have failed to resonate with users, possibly due to a lack of uniqueness, practicality, or perceived value. The report suggests that creators should address the issue of market saturation, focus on community building, and offer unique value propositions. This phenomenon also reflects the overall decline in interest in NFTs and the metaverse, with several tech giants having paused or abandoned related projects.
