PANews November 12 news, according to Bitcoin.com, a study found that 98% of NFTs released in 2024 have not seen trading activity since September, with 64% of NFTs minted being fewer 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 report's authors believe that low user engagement and low minting volumes highlight the difficulties creators may face when launching new NFTs. This apparent market saturation corresponds with a waning interest from users in NFTs and the metaverse, as some large tech companies that were actively involved in the NFT and metaverse craze a few years ago report significant losses, with some companies having completely abandoned or deprioritized their metaverse projects.
Other concerning indicators also suggest 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% of the highest prices are on par with their minting prices, indicating a more conservative attitude from buyers. Furthermore, only 0.2% of all NFT releases 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.
