📉 NFT market boom is no longer booming, 96% of NFTs have become "zombie" projects?
Do you remember the NFT market that was once so popular? Now the situation is a little different! According to a report by nftevening, 96% of NFTs are now considered "dead" because they either have zero trading volume, low sales in 7 days, or no activity on Twitter.
This is no small problem, because it means that many NFT holders are now losing money. nftevening checked more than 5,000 NFT collections and found that more than 40% of NFT holders are actually not making money. Moreover, the average lifespan of NFTs is only 1.14 years, which is much shorter than traditional crypto projects.
The reason behind this is that the NFT market is too speculative, prices fluctuate quickly, and the appeal of these digital assets often cannot last too long. It's like a fast FOMO craze that comes and goes quickly.
However, not all NFT collections are performing poorly. For example, the Azuki series did well, with holders earning 2.3 times their initial investment.
On the other hand, the Pudgy Penguins series was not so lucky, with holders losing up to 97%, making it the worst performing series so far.
Let's talk about the competitive landscape of the market. OpenSea used to dominate, but now the market has become more diversified.
According to the CoinGecko report, Blur surpassed OpenSea in 2023 and occupied 62.4% of the market share. There are also OKX and Tensor, whose market share is also growing, especially Tensor, whose market share has soared from 0.1% to 12.1%.
🤔 Conclusion:
The NFT market is now undergoing a major reshuffle. It is no longer the golden age when everyone can make money. Investors may need to be more cautious and carefully study the market dynamics and the potential of each collectible.
Therefore, in this uncertain market, it is crucial to understand the latest trends and data to make smart decisions.
💬 Finally, what do you think of the current state of the NFT market? What do you think caused this change? Have you ever invested in NFT? What do you predict about the future development of the NFT market? Leave your opinion in the comment section!
