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Most NFTs Are ‘Dead’ According to New 2024 Report

Most NFTs Are ‘Dead’ According to New 2024 Report

99bitcoins99bitcoins2024/09/03 18:54
By:Isaiah MccallSam Cooling

Most NFTs Are ‘Dead’ According to New 2024 Report image 0

NFTs are a scam. Everyone from Coffeezilla to Tech Lead to Barrack Obama thought so back in 2021. Today that skepticism seems more prescient than ever.

Non-fungible tokens, once heralded as the future of digital assets, are now labeled “dead” by a staggering 96%, according to nftevening.com .

Is there any coming back from this one?

The Current State of the NFT Market

After dissecting over 5,000 NFT collections and 5 million transactions, the report reveals that the digital collectible market is nearly lifeless.

With 96% of NFTs showing zero trades, minimal sales, and ghostly social media presence, the sector seems on the edge of oblivion.

Most NFTs Are ‘Dead’ According to New 2024 Report image 1 ( X )

As the bubble deflates, it’s clear that digital ownership is battling serious hurdles. Dormant projects litter the scene, and the average NFT investor is facing 43% in losses.

With NFTs lasting only 1.14 years, they’re fading quicker than traditional crypto ventures.

The Future of NFTs: Uncertainty Ahead

The nftevening.com report also uncovered glaring gaps in profits from NFT investors.

Earlier this year, Pudgy Penguins took a nosedive, with some investors facing a staggering 97% in losses. Even the once-mighty Crypto Punks aren’t immune, selling at record-breaking lows .

While skepticism surrounds the sustainability of NFTs, there’s still a lot that can keep the industry alive.

  • NFTs can revolutionize ownership rights and royalties for digital artists
  • Owning digital collectibles in video games still hasn’t been explored
  • The space is still early.

Everyone and their dog launched digital art in 2021 and 2022, yet only a few projects had the foresight to keep people interested.

With dead assets piling up and investors feeling the pinch, NFTs find themselves in a precarious spot. While they aren’t ‘dead,’ this is a definitive and empirical low point.

READ MORE: Crypto Industry Accounts For Nearly Half Of Corporate Election Spending

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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