PANews reported on November 12 that according to Bitcoin.com, a study found that 98% of NFTs released in 2024 have not seen trading activity since September, and 64% of NFTs have less than 10 mintage. According to the 2024 NFT Release Status Report, this limited trading activity indicates that investors lack enthusiasm or confidence in these projects. This finding may also indicate a mismatch between the supply and demand of new NFTs. The authors of the report believe that low user participation and low minting volume highlight the difficulties creators may face when launching new NFTs. This apparent market saturation is consistent with users' weakening interest in NFTs and the metaverse. As interest and trading activity decline, some large technology companies that actively participated in the NFT and metaverse craze a few years ago have reported significant losses, and some of these companies have completely abandoned or no longer prioritized their metaverse projects.
Other worrying indicators also point to a declining market, including NFT prices falling by at least 50% within the first three days of trading. 84% of NFTs released in 2024 had a peak price that was the same as their minting price, indicating that buyers are taking a more conservative approach. In addition, only 0.2% of all NFT releases have brought profits to investors, highlighting the overall plight of the industry. The report recommends that creators address the problem of oversaturated markets by focusing on community building and providing unique utility.
