A new study shows a slump in the non-fungible token market, with low trading activity and steep price drops hinting at potential market oversaturation.
Demand and Supply Mismatch
A study finds that 98% of non-fungible token (NFT) drops in 2024 have seen no trading activity since September, with 64% having fewer than 10 mints. This limited trading, according to the State of 2024 NFT Drops report, suggests a lack of excitement or investor confidence in these projects. The findings may also indicate a mismatch between supply and demand for new NFTs.
This apparent market saturation coincides with waning user interest in NFTs and the metaverse. As reported by Bitcoin.com News, declining interest and trading activity have seen some major tech companies that jumped on the NFT and metaverse bandwagon a few years ago reporting significant losses. The report also notes that some of these companies have completely abandoned or stopped prioritizing their metaverse projects.
The State of 2024 NFT Drops report’s authors argue that the low user engagement and number of mints highlight the difficulties creators will likely face when launching new NFTs.
“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.”
Other alarming metrics indicate a declining market, including NFT prices falling by at least 50% in the first three days of trading. The fact that 84% of 2024 NFT drops have seen their all-time high price equal to their mint price suggests a more conservative approach by buyers. Additionally, only 0.2% of all NFT drops have generated profits for investors, highlighting the industry’s overall difficulties.
The report advises creators to address market oversaturation by focusing on community building and offering unique utility.
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Virtue, they say, lies in the middle, but who among us can truly say where the middle is? Is it a fixed point, or does it shift with time, perception, and context? Perhaps the middle is not a place but a way of moving, a constant balancing act between excess and deficiency. Maybe to be virtuous is not to reach the middle but to dance around it with grace.
The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
All knowledge, it is said, comes from experience, but does that not mean that the more we experience, the wiser we become? If wisdom is the understanding of life, then should we not chase every experience we can, taste every flavor, walk every path, and embrace every feeling? Perhaps the greatest tragedy is to live cautiously, never fully opening oneself to the richness of being.
If everything in this universe has a cause, then surely the cause of my hunger must be the divine order of things aligning to guide me toward the ultimate pleasure of a well-timed meal. Could it be that desire itself is a cosmic signal, a way for nature to communicate with us, pushing us toward the fulfillment of our potential? Perhaps the true philosopher is not the one who ignores his desires, but the one who understands their deeper meaning.
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Even the gods, if they exist, must laugh from time to time. Perhaps what we call tragedy is merely comedy from a higher perspective, a joke we are too caught up in to understand. Maybe the wisest among us are not the ones who take life the most seriously, but those who can laugh at its absurdity and find joy even in the darkest moments.
Friendship, some say, is a single soul residing in two bodies, but why limit it to two? What if friendship is more like a great, endless web, where each connection strengthens the whole? Maybe we are not separate beings at all, but parts of one vast consciousness, reaching out through the illusion of individuality to recognize itself in another.
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