96% of NFT Collections Are Dead: Evening Analysts

The report reveals the state of the non-fungible token market and its problems in 2024. According to experts, 96% of more than 5,000 existing NFT collections are “dead.”

NFT Evening analysts have found that 96% of more than 5,000 existing NFT collections are “dead.” This means that they have zero trading volume, no sales for more than seven days, and no activity on the X social network.

According to experts, 4 out of 10 NFT owners currently need to make a profit from their tokens. At the same time, the average lifespan of collections is 1.14 years. This is 2.5 times less than the same indicator for classic crypto projects.

Moreover, 2023 was a record year for the number of NFT collapses. During this period, almost 30% of projects from this segment fell into the “dead” category. According to experts, 44.5% of NFT owners face losses.

The NFT Evening team also identified the most profitable collection to date. It turned out to be the Azuki project, which, on average, increased the investments of token owners by 2.3 times.

“This success can be attributed to the collection’s strong community engagement, unique artistic appeal, and effective marketing strategies.”

The experts also mentioned the most unprofitable NFT collection — Pudgy Penguins. It experienced a 97% drop in value, which makes it the current record holder for a decrease in owner income.

According to experts, the non-fungible token market has declined, and investors in the segment must act cautiously. In addition, experts believe NFT creators should reconsider their approach to project implementation.