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 4th September 2024
