- A new report indicates that 96% of NFTs are dead and their holders are at a loss
- The report disclosed that the average lifespan of an NFT is 1.14 years
- 44.5% of NFT holders are currently at a loss
NFT projects are struggling to maneuver the sector’s bearish momentum, with a new report indicating that 96% of them are dead. The report by nftevening.com disclosed that “nearly one-third of” NFTs perished in 2023.” The report also noted that 4/10 of NFT holders are at a loss with close to 45% of all NFT holders currently being at a loss, something that’s likely to worsen if the bears remain in control.
Pudgy Penguins and BAYC Holders at Over 90% in Loses
Nftevening.com examined the trading volume, 7-day sales, and activities on social media platforms of more than 5,000 collectibles projects. It also examined five million transactions to further check when an NFT is dead.
The platform labeled an NFT as “dead” if it had a negligible trading volume, sales volume, and no social media activity. According to the report, collections like Pudgy Penguins have experienced a loss of 97%. Data from NFT aggregator Crypto Slam shows that the price of other popular collections like Bored Ape Yacht Club (BAYC) has also plummeted by roughly 93%.
Nftevening.com also revealed that some NFTs, like those in the Azuki collection, have increased in value “with holders seeing over 2.3 times the profit on their investments.” The report also observed that the average lifespan of an NFT is 1.14 years, which is over 2X shorter than that of crypto projects.
NFT Sales Dropped by $2 Billion in Q2
The report comes two months after Crypto Slam recorded that NFT sales dropped by close to $2 billion in Q2 2024. It also comes two weeks after a $24-million CryptoPunk was sold for an undisclosed fee, with the crypto community speculating it was sold at a loss.
With 96% of NFTs presumed dead, it’s be seen whether a crypto bull run will bring the NFT space back to profitability.
