Connect with us
  • tg

Cryptocurrency

Analysis: 98% of NFTs Launched in 2024 Unprofitable, Only 0.2% Yield Gains

letizo News

Published

on

A recent analysis has revealed that the non-fungible token (NFT) market struggled in 2024, with untimely price drops and several failed projects.

The research by NFTevening and digital PR agency Storible examined more than 29,000 NFT collections released throughout the year, compiling data from OpenSea and Dune analytics.

NFT Market Profitability Struggles

Dubbed “State of 2024 NFT Drops,” the study found that in 2024, a monthly average of 3,635 NFT collections were created in what it considered to be market oversaturation.

According to the report, 98% of NFT drops were unprofitable and have not registered any trading activity since September. Additionally, the prices of the tokens also reportedly fell by at least 50% within the first three days of their launch.

The incredibly high percentage of NFT drops that recorded fewer than ten trades within the first seven days of their release is a concern because it could mean investors are getting less excited by upcoming projects.

Furthermore, 84% of NFT drops in 2024 had an all-time high (ATH) price equal to their mint price, meaning that they never gained any additional value.

Per NFTevening’s analysis, only a meager 0.2% of all non-fungible token collections yielded profits for investors. Even among actively traded or “alive” NFTs, only 11.9% have proven lucrative, illustrating how deeply projects are struggling to gain any positive outcome.

Excitement for New NFT Projects Drop

Flooding the market with a colossal number of projects has left NFTs struggling to uphold their relevance, directly affecting trading across the industry. This was illustrated by the significant drop in trading volume in the last six months.

Data from a Dune Analytics dashboard reveals that OpenSea, once one of the top NFT marketplaces, has witnessed a 76.32% daily trading volume drop in its values from earlier in the year. Furthermore, minting volumes have also been affected, as 64% of NFT drops have fewer than 10 mints.

Survey Shows NFT Enthusiasts Remain Hopeful

In January, both the NFT and crypto markets struggled to overcome the prevailing bearish sentiment. Nearly ten months later, crypto investors are reaping profits, with Bitcoin hitting all-time highs and dragging several altcoins with it.

NFT traders, however, have been left behind. With factors such as market oversaturation, scams, and tight economic conditions, the situation might get worse before it gets better.

That said, a recent survey by the same publication showed that most NFT enthusiasts are willing to ride the storm. According to the study, more than 66% of NFT traders plan to hold on to their assets, believing they have an undeniable long-term growth potential.

However, about 33% are considering leaving the market, with 72.3% indicating their intention to quit by 2026. Of this number, 36.4% aim to exit by 2024 and 35.9% by 2025, with 27.7% remaining undecided, possibly waiting for market conditions to improve before making a final decision.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Cryptocurrency

XRP Price Analysis: How Possible is for Ripple to Hit $4 In The Next Few Days?

letizo News

Published

on

Ripple has recently rallied to test the key $3.6 resistance zone.

Should buying pressure continue and price secure a breakout above this level, the move could pave the way for an extended advance toward the $4 region.

By Shayan

The Daily Chart

XRP has recently bounced from the critical $2.8 support zone, which aligns with the 0.5 Fibonacci retracement of the prior rally.

This confluence attracted notable buying interest, triggering a sharp upswing toward the $3.4–$3.6 resistance range. This zone represents a prior swing high and a likely area of concentrated supply, making it a significant hurdle for buyers to clear.

If bulls successfully reclaim the $3.6 level with strong volume, the path toward the psychological $4 threshold becomes more attainable. However, given the overhead supply, some short-term consolidation or a minor pullback from $3.6 is possible before any sustained breakout attempt.

xrp_price_chart_1208251
Source: TradingView

The 4-Hour Chart

On the 4H timeframe, XRP’s bullish structure is more pronounced. Following a period of consolidation within a bullish flag formation, the market found support at the 0.5 Fib level and broke decisively to the upside.

This breakout has fueled the advance toward the $3.6 resistance.

If buyers can overcome this barrier, the resulting breakout could trigger a short-squeeze, accelerating price toward $4. Conversely, repeated rejections at $3.6 could lead to another consolidation phase within the current range before the next directional move.

xrp_price_chart_1208252
Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Continue Reading

Cryptocurrency

Capital B Acquires 126 BTC, Total Holdings Top 2,200

letizo News

Published

on

The data & AI technology consulting company, now turned to treasury, has released a financial statement showcasing its most recent Bitcoin procurement.

Meanwhile, the crypto asset posted some gains over the weekend and, at the time of writing, is still riding the bullish wave.

The Acquisition

Listed on the Euronext Growth Paris ($ALCPB), Capital B (formerly the Blockchain Group), announced its most recent purchase via a press release earlier today.

The 126 bitcoins were purchased for approximately €12.4 million (~$ 14.4 M), bringing their total stash to 2,201, with an average purchase price of $106,770 per coin.

This aligns with their plan to have 3,000 BTC by the end of fiscal 2025, which falls on September 27th this year, and their overall goal of owning 1% of all Bitcoin by 2033. They started the acquisitions in early November last year and have achieved a Bitcoin yield of 1,519.5% year-to-date (YTD).

This is a metric that tracks the percentage change in the ratio of total BTC holdings to fully
diluted shares outstanding over a given period, or simply put, how much more of the asset is owned per potential share of stock.

They are currently ranked 24th on Bitcoin Treasuries, neck-and-neck with HIVE Digital Technologies, which also holds 2,201 BTC, and behind the 2,353 BTC that Microcloud Hologram currently holds.

Bitcoin Outlook

The largest cryptocurrency by market capitalization had a green Sunday, opening at $116,490 and closing the day at $119,310, representing a 2.42% increase. The wave continues into Monday, and at press time, the asset remains on the rise.

An interesting week is ahead of us, as per the US economic calendar, with CPI and PPI data being released, along with several other key indicators.

Bitcoin, like other volatile assets, tends to react to macroeconomic data, so its price could fluctuate depending on the numbers. The highly anticipated Fed meeting is also approaching, with just over a month to go until we hear whether a rate cut will be announced, which is another potential catalyst for price moves.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

A Modest One: Saylor’s Strategy Buys 155 BTC for $18 Million

letizo News

Published

on

Strategy – the company founded by Michael Saylor – rarely skips a Monday without announcing a crypto purchase.

Today was no exception as the company revealed it had acquired the modest (for its standards) 155 BTC for roughly $18 million. The average price of the deal was around $116,401 per coin.

Over the past few months, the company has announced several more impressive deals. Towards the end of June, it bought 4,980 BTC for over $530 million, while a few weeks prior, it stunned the community with a multi-billion-dollar purchase. 

Strategy has achieved a BTC yield of 25% YTD 2025. It is the world’s biggest corporate holder of the primary cryptocurrency, and currently it has 628,946 BTC bought for approximately $46.09 billion.

Due to the price increase of the asset, the current value of the holdings now exceeds $75 billion, meaning the company is sitting on a paper profit of almost $30 billion. 

It is worth mentioning that Strategy began accumulating BTC exactly five years ago. Its initial purchase included 21,000 coins, valued at around $250 million. 

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved