Ethereum

April

<a href="https://bitcoinworld.co.in/nft-market-unveiled-95-hold-no-value-amidst-declining-volume-and-traders/" title="NFT Market Unveiled: 95% Hold No Value Amidst Declining Volume and Traders" rel="noopener noreferrer nofollow"></a> 
The meteoric rise and subsequent decline of Non-Fungible Tokens (NFTs) since their explosive surge in 2021 have been the subject of much speculation. Recent research has provided a sobering revelation: 95% of NFTs currently in circulation have little to no significant value. This revelation raises questions about the state of the NFT market, its overall volume, and trader participation. 
A study by dappGambl, analyzing a dataset comprising over 73,000 NFTs, made a startling discovery. It found that 69,795 assets held a market capitalization of precisely 0 Ethereum (ETH). This implies that approximately 23 million individuals hold NFT investments lacking intrinsic value. Moreover, only 21% of these collections had achieved 100% ownership, highlighting an oversupply of NFTs and a corresponding shortage of demand. 
These findings starkly contrast with the NFT market’s peak performance when it boasted billions of dollars in overall value. 
NFTs have garnered considerable attention and popularity across various creative sectors, including art, gaming, music, and virtual real estate. However, even the top NFT collections have yet to be immune to the market’s challenges. A concerning 18% of these elite collections had a floor price of zero, indicating significant difficulty maintaining demand. Furthermore, 41% of leading NFTs were modestly priced between $5 and $100, suggesting a perceived lack of value in these digital assets. 
Remarkably, less than 1% of these assets commanded a price tag exceeding $6,000, underscoring the rarity of high-value NFTs, even within the upper echelons of NFT collections. 
Data from Dune Analytics painted a vivid picture of the NFT market’s trajectory. NFTs experienced a robust start and reached their zenith in 2022. However, weekly volume data revealed that, despite the peak, the lowest weekly NFT volume remained significantly high, exceeding 490 million numerous times and surpassing the 1 billion mark. 
Nonetheless, as the market downturn took hold, the highest weekly volume observed was approximately 642 million in February 2023. Presently, the weekly volume has dwindled to a mere 70.2 million. 
The decline in NFT market participation extends to the number of weekly trades, which, while substantial in 2023, has decreased sharply. The average weekly trade volume held steady at around 500,000 until April but has now dwindled to approximately 100,000. 
Similarly, the number of traders has significantly reduced, with the weekly traders’ chart on Dune Analytics showing an average of over 150,000 participants during the NFT craze. This number has plummeted to 47,800, highlighting the pronounced decrease in market activity. 
The future of NFTs is at a crossroads. As the technology matures and new applications are explored, NFTs could find themselves at the center of different industries, unlocking fresh opportunities for creators and collectors alike. This evolution may entail rediscovering their utility and broadening their use cases beyond their current limitations, offering a glimmer of hope for the NFT market’s future. 
The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/nft-market-unveiled-95-hold-no-value-amidst-declining-volume-and-traders/">NFT Market Unveiled: 95% Hold No Value Amidst Declining Volume and Traders</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

NFT Market Unveiled: 95% Hold No Value Amidst Declining Volume and Traders

ItsBitcoinWorld

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