The NFT market faced difficulties in 2024, with many projects failing and prices dropping. A recent analysis by NFTevening and Storible looked at over 29,000 NFT collections released throughout the year using data from OpenSea and Dune analytics. The study, called “State of 2024 NFT Drops,” found that 3,635 NFT collections were created monthly, indicating market oversaturation.
Additionally, 98% of NFT drops were unprofitable and showed no trading activity since September. The prices of the tokens also fell by at least 50% within the first three days of their launch. NFT market oversaturation, scams, and tight economic conditions have made investors less excited about new NFT projects, which has led to a drop in trading volume and minting volumes.
However, a survey showed that most NFT enthusiasts remain hopeful and plan to hold on to their assets, believing in their long-term growth potential. Around 33% of NFT traders are considering leaving the market, with many aiming to exit by 2026.
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