NFT Market Turmoil in 2024: 96% of Digital Assets Declared Defunct

A recent report by nftevening.com reveals that 96% of NFTs are now considered “dead,” showing no trading volume and minimal social media presence.

The analysis, which examined over 5,000 NFT collections and 5 million transactions. Highlights the market’s instability and the financial losses faced by investors, with 43% of holders in the red and an average investment decline of 44.5%.

The lifespan of an NFT now averages just 1.14 years, reflecting the sector’s struggle to retain long-term value. Despite some successful collections, the overall NFT market has sharply declined in 2024. Even as other crypto sectors have grown during the bull run.

Clever Robot News Desk 4^th September 2024