A new report reveals concerning data on the state of the NFT market
A new report from the analytical portal Invezz has presented alarming data on the state of the NFT market. Since 2021, the trading volume of non-fungible tokens (NFTs) has decreased by 97%, and 95% of projects currently have no market value.
Challenges facing the NFT market
The average price of one NFT has dropped to less than $200, with over 75% of tokens now valued below $100. Daily NFT sales have sharply declined from $87,000 in 2021 to just $2,000 in 2024. This steep drop demonstrates a significant decline in interest and activity in the market.
Analysts attribute this decline to several factors including the prolonged «crypto winter», economic uncertainty, and market saturation with low-quality projects that lack real value.
Optimism for the future
Despite the challenges, experts remain optimistic about the future of NFTs. The global market capitalization of NFTs in 2024 exceeded $193.84 billion, indicating investor belief in market recovery. Forecasts suggest that by 2028, the number of NFT holders will grow to 16.35 million, driven by increased awareness of cryptocurrencies and blockchain technology.
While current data points to serious problems in the NFT market, prospects for recovery and growth remain. Investors and market participants are hopeful for a new generation of innovative and high-quality projects that can bring back interest and activity in the market.
