2024 NFT Market Collapse: 98% of Drops Are Dead, Only 0.2% Made Profits

A recent study reveals that 98% of NFT drops in 2024 have seen zero trading activity since September, with 64% of projects minting fewer than 10 tokens.

This points to an oversupply and low demand in the market, reflecting waning interest in NFTs and the metaverse. Major tech companies that once championed these trends are now reporting losses or abandoning projects altogether. The report suggests that low engagement and steep price declines—where NFT prices fall by at least 50% in just three days—make it difficult for creators to stand out in an oversaturated market.

It recommends focusing on community-building and offering unique utility to attract buyers.

Clever Robot News Desk 12^th November 2024