28/10/2024 State of 2024 NFT Drops

State of NFT Drops 2024

For the NFT space, 2024 has been an eye-opener, exposing some alarming patterns as the market develops. The market is trying to keep the momentum it previously had with an explosion of new collections, poor participation, and sharp price declines. We searched for the truth by looking at the performance of 29,079 fresh 2024 NFT drops. Let’s explore the facts that tell the story.

Key Insights:

  1. 98% of 2024 NFT drops are dead.
  2. Only 0.2% of 2024 NFT drops return profits to investors.
  3. 64% of 2024 NFT drops have fewer than 10 mints.
  4. 98% of 2024 NFT drops have fewer than 10 trades in the first week.
  5. In 98% of 2024 NFT drops, the price falls by at least 50% within the first three days.
  6. 84% of 2024 NFT drops have ATH price equal to mint price.

Methodology

Data sources: Dune Analytics and OpenSea.

  1. First, we collected distinct NFT contracts from Dune that had minting activities between 01 January 2024 and 31 August 2024. There were 29,079 collections in total. We then double-check the data using the OpenSea API to ensure its accuracy.
  2. Next, we used Dune Analytics to crawl and analyze:
  • The mint price, the ATH price, the current price, and the price three days after the minting process have all been concluded.
  • 7D minting volume, 7D trading volume, and trading volume from September.

Oversaturation of the Market

So far in 2024, an average of 3,635 NFT collections have been created per month. While this shows that creators are still eager to launch projects, the sheer volume of collections indicates an oversaturated market. The supply has grown far beyond demand, leaving many projects to struggle for attention and buyers.

98% of the 2024 NFT Drops Are Dead

We define death as the absence of trading activity since September 2024.

Based on this, we can conclude that:98% of 2024 NFT drops are dead.

This demonstrates how quickly projects fail, resulting in many collections lacking liquidity, community, or trading activity. The survival rate for new drops is shockingly low, indicating 0that most NFTs struggle to stay relevant shortly after launch.

When we dig deeper into these three numbers: minting, trading, and price, the situation worsens.

Low Minting and Trading Activity

Despite the high number of new collections,64% of 2024 NFT drops have fewer than 10 mints. This stark figure highlights the difficulty that most creators face in getting their projects off the ground. Additionally,98% of NFT drops have recorded fewer than 10 trades within the first week.The limited trading volume points to a lack of excitement or investor confidence in these projects.

Such low engagement suggests that many collections are failing to resonate with audiences, possibly due to a lack of uniqueness, utility, or perceived value. The fast-moving NFT trend may have left creators competing in an overcrowded marketplace where distinguishing themselves has become an uphill battle.

Rapid Price Decline

One of the most alarming trends in 2024 is the swift depreciation of NFT values after launch.98% of 2024 drops follow the same pattern: the price falls by at least 50% in the first three days.

This sharp drop reflects the waning buyer enthusiasm and the absence of long-term interest in holding these digital assets.

Moreover,84% of 2024 NFT drops have seen their all-time high price equal to their mint price, meaning they never appreciated in value. In a market where speculative trading once reigned, this trend suggests that buyers are either losing confidence or becoming more selective in the projects they support.

Only a Small Fraction Brings Returns

In 2024, just 0.2% of all NFT drops have generated profits for investors. Evenamong NFTs that are still actively traded (“alive” NFTs), only 11.9% have proven profitable, reflecting the overall difficulties faced by most projects. These figures reveal how selective and cautious investors need to be, as the vast majority of NFTs struggle to retain or grow their value, making profitability a rare outcome in the current market landscape.

What Does This Mean for the Future?

The data paints a clear picture: while NFTs continue to be a vibrant space for innovation, the market is currently flooded with projects that struggle to find traction. With oversaturation, low minting rates, and poor price performance, creators may need to rethink their strategies, focusing on building community and offering real utility to stand out.

Arts

https://nftevening.com/state-of-2024-nft-drops/

Interesting NFTs
Lim Hedra #1/20
⏣
The Boy in Bed
You are not alone, little boy. Everyone is prone to some kind of darkness, Treating it like a childhood friend: "How could it possibly betray us?" We share similar stories of descent, Enjoying the illusions we made to cope, Distracting ourselves from the moments Of great awareness—we're running out of hope. We are being swallowed, one by one, And I beg the heavens to bring those illusions back. Our last stars are gravitating away, Leaving our psyche under attack. So please stay awake a little longer, young knight. There are familiar creatures creeping in. They all want your soul in aimless saunter, Like the fish that Jonah lived in. Look up and let's befriend Midnight herself, That perhaps she will calm us down. Don't make the same mistake I did, For I was deceived by a demon with a crown. Who would have ever thought that Our bedrooms could be a warzone? We are lost children of Ares, And our worn-out bed, our throne. Just a little more courage, young prince. Take on shapes like thick smoke, For in your sanctuary of a bedroom, The envious monsters outside, you might provoke. You're shielded and barriered yet vulnerable. You have refuge but not enough strength to fight, For you were tricked into thinking you're weak, By your bad dreams, night after night. See, open your eyes, dear one. Remember, you are not alone In this doomsday-like period Of isolation that no one could have known.
taNNa
conceptual art. drawing and digitally processed.
Hope
CONGRATS!
HaCKittieZ
Who will be the most Meowfool of the Meowfoolest?! 6 HaCKittieZ are fighting for the crown of madness! It is time for crowns to change their history: people, this is the crown of insanity we are talking about. So tell us, who is insaner than the insanest of collectors? Only the artists - the creators - would know, while crowning the one who is brave enough to play with the craziest possibilities of Async programmable art, on these 6 HaCKittieZ. Welcome to the feast of fools. HaCKittieZ is a collaboration of Hackatao, CryptoKitties and Async. The 6 KittieZ are a reinterpretation by Hackatao of the CryptoKitties’ classic elements, following their own style and getting inspiration from their own art pieces.