According to PANews, a study found that 98% of NFTs released in 2024 have not seen trading activity since September, and 64% of NFTs have minted less than 10. This shows that investors have little enthusiasm or confidence in these projects.
The report states that low user engagement and low minting volumes highlight the difficulties creators may face when launching new NFTs. Market saturation is consistent with waning user interest in NFTs and the metaverse, and some technology companies have de-prioritized their metaverse projects.
Other indicators show a decline in the market, including NFT prices falling by at least 50% within the first three days of trading. Of the NFTs released in 2024, 84% of the highest prices were the same as the minting price, and only 0.2% brought profits to investors. The report recommends that creators focus on community building and providing unique utility.