04/09/2024 2024 Report Finds 96% of NFTs Declared ‘Dead’ Amid Market Instability

A recent report by nftevening.com reveals a troubling state of the non-fungible token (NFT) market, with 96% of NFTs now considered “dead.” The analysis highlights the high unprofitability rate among holders and the fleeting lifespan of most NFTs.

NFT Sector Faces Uncertain Path as 2024 Bull Run Bypasses It

As highlighted in nftevening.com’s 2024 report, the once-celebrated future of digital ownership, the NFT market, is currently grappling with significant hurdles. The report scrutinized over 5,000 NFT collections and around 5 million transactions to assess the present state of the market.

A staggering 96% of NFTs were deemed “dead,” meaning they exhibited zero trading volume, minimal 7-day sales, and were practically non-existent on social media platforms like X. This unsettling revelation underscores the market’s volatility and the uncertain standing of numerous NFT projects.

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2024 Report Finds 96% of NFTs Declared ‘Dead’ Amid Market Instability

Additionally, the report sheds light on the financial strain experienced by NFT investors, with more than 43% of holders finding themselves in the red. On average, these investors have faced a 44.5% dip in their investments. Notably, the lifespan of an NFT now averages just 1.14 years, which is noticeably shorter than that of traditional crypto asset projects.

This brevity indicates NFTs’ struggle to retain long-term value, further contributing to the market’s overall instability. Bitcoin.com News reported that NFT sales have fallen by 41.36% compared to July, with July’s digital collectible sales being 36.6% lower than those in June.

Moreover, nftevening.com’s analysis highlights a stark contrast in the profitability of different NFT collections. While some, like the Azuki collection, have thrived thanks to strong community engagement and savvy marketing, others, such as the Pudgy Penguins collection, have plummeted, with holders suffering a 97% drop in value.

The future of NFTs remains uncertain, leaving us to wonder if they’ve truly reached their lowest point. While other areas within the crypto and blockchain space have experienced growth during the 2024 bull run, NFTs have unfortunately trended in the opposite direction, with a steady decline since the year’s onset. According to Cryptoslam.io metrics, however, NFT sales have settled a total value of $66.128 billion in sales.

Arts

https://news.bitcoin.com/2024-report-finds-96-of-nfts-declared-dead-amid-market-instability/

Interesting NFTs
Tametomo and the inhabitants of Onoshima Island
Katsushika Hokusai (1760-1849) Tametomo and the inhabitants of Onoshima Island 1811 - Japan
Inner fountain
I'm connected to an infinite source of creative energy. Digital painting - Gif
The King
Part of a series of three artworks entitled "The Rulers". Inspired by the rulers of the animal kingdom, african mandalas & diamonds. A very complex digital illustration, each lion consists of hundreds of custom diamond shapes. Each background is an intricate custom mandala that compliments the lions facial features.
TELOS
There existed a unified planetary consciousness, connected to all of humanity, before the Great War. Out of the destruction arose the beginnings of ancient civilization and our history as we know it.
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great José Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?