2024 NFT News: Unveiling the Decline of Non-Fungible Tokens (NFT)
The Troubling State of NFT Market
In 2024, the NFT market faced an unexpected downturn, revealing challenging patterns as the once-booming sector struggled to maintain its momentum. A recent study by NFTEvening and Storible agency, analyzing the performance of 29,079 new NFT collections, presents a stark reality. It shows that most NFT drops this year are failing to find lasting value or engagement.
Profit Elusive in 2024 NFT Market
Using data from Dune Analytics and OpenSea, NFTEvening and Storible’s research focused on collections launched between January and August 2024. The study confirmed results using OpenSea’s API and analyzed key metrics. Among them are minting and trading volumes, price movements, and trading activity to assess overall market health.
Per the research, nearly 98% of 2024’s NFT projects are effectively
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.