Although the price of Bitcoin will rise sharply in 2024, the NFT market has not yet benefited from this wave of funding frenzy. Instead, it is facing severe challenges this year. According to a research report by NFTevening and digital public relations agency Storible, statistics show that approximately 29,000 NFT series have been launched since this year. However, only 0.2% of the series successfully achieved profits, and even for NFTs that still had trading activities, only 11.9% of prices showed profits.
Research points out that the market is oversaturated, with an average of 3,635 new NFT series being added globally every month. However, 98% of newly issued NFTs failed to make a profit, and the trading volume has reached zero since September. Most NFT prices fell by more than 3 days after issuance. 50%, and 84% of the NFT’s highest prices were the same as the issue price, failing to generate value-added.
The report believes that the NFT market enthusiasm has dropped significantly, with more than 70% of NFT issuances having less than 10 transactions, and the daily trading volume of mainstream trading platforms such as OpenSea has dropped by 76.32% compared to the beginning of the year. In addition, 64% of NFT series minted less than 10 pieces. Although the cryptocurrency market has seen a strong recovery and Bitcoin has hit a new high of $93,477, NFT traders have not been able to benefit. The report pointed out that the reasons include excessive issuance in the market and an increase in fraud. and economic pressure and other factors, it remains to be seen whether it can return to the prosperity of 2021.
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"MICA Daily｜Report Analysis: 98% of NFTs issued this year are facing losses" This article was first published on (Block Guest).
