Global NFT Trading Volume Drops 2.74% in First Week of September 2024

Previously, a new report by nftevening revealed the alarming state of the Non Fungible Token (NFT) market, with 96 percent of NFTs now considered dead. The analysis highlighted the high level of unprofitability among holders and the short lifespan of most NFTs.

As reported by Bitcoin.com, written Thursday (5/9/2024), as many as 96 percent of NFTs are considered dead, meaning there is no trading volume, they are sold within a minimum of 7 days, and they are almost non-existent on social media platforms such as X.

The disturbing revelations underscore the volatility of the market and the precarious position of many NFT projects. The report further highlights the financial burden faced by NFT investors, with more than 43 percent of holders in the red.

On average, these investors face a 44.5 percent drop in their investments. Notably, the average lifespan of an NFT is now just 1.14 years, which is much shorter than traditional crypto asset projects.

Furthermore, nftevening.com’s analysis highlights the stark contrast in the profitability of various NFT collections. While some, like the Azuki collection, have thrived thanks to strong community engagement and smart marketing, others, like the Pudgy Penguins collection, have tumbled, with holders seeing a 97 percent drop in value.

The future of NFTs remains uncertain, leaving many wondering if they have truly hit rock bottom.

While other areas of the crypto and blockchain space have seen growth during the 2024 bull run, NFTs have unfortunately been trending in the opposite direction, with a steady decline since the start of this year.

However, according to Cryptoslam.io metrics, NFT sales have reached a total sales value of USD 66.128 billion or equivalent to IDR 1,028 trillion.