🚨2024 NFT Market Analysis: Profitability Difficulties, Enthusiasm Dwindling
The latest NFT market analysis reveals that among the NFTs launched this year, a staggering 98% of projects have not turned a profit, with an overall return rate of only 0.2%. Doesn't that number sound a bit disheartening?
The study examined over 29,000 NFT collectibles and found that most NFTs experienced a rapid price decline shortly after launch, with many projects seeing a price drop of at least 50% within the first three days. Even more concerning is that many NFTs had fewer than 10 transactions within the first seven days post-release, which may indicate a waning interest from investors in new projects.
Additionally, this year, 84% of NFTs reached an all-time high (ATH) in price, but this peak price was actually the same as their minting price, meaning these NFTs haven't appreciated at all!
Despite the dismal market conditions, over 66% of NFT enthusiasts stated that they plan to hold onto their NFT assets for the long term, as they believe these assets possess undeniable long-term growth potential. However, about 33% are considering exiting the market, and 72.3% of businesses plan to exit before 2026.
What do you think? Does this mean the NFT craze is waning? What do you foresee for the future of the NFT market? Share your thoughts in the comments!
