A recent report by nftevening.com reveals a troubling state of the non-fungible token (NFT) market, with 96% of NFTs actually declared dead.
The report looked at more than 5,000 NFT collections and about 5 million transactions to assess the current state of the market.
‘Dead’ means they are hardly traded anymore. 43% of NFT holders are in the red. On average, these investors have experienced a 44.5% drop in value. Notably, the lifespan of an NFT now averages just 1.14 years.
The future of NFTs remains uncertain, making it questionable whether they have truly bottomed out.
Meanwhile, OpenSea, the marketplace for NFTs, must fear a lawsuit from the US watchdog SEC. The US securities watchdog indicates that a lawsuit may be imminent as NFTs should be classified as securities.
This news is republished from another source. You can check the original article here
