NFT market analysis: 2023 highlights and 2024 forecast
As the year draws to a close, we do an NFT market Analysis , mapping its trajectory and comparing it with the predictions experts have laid out for 2024. 2023 was not the best year to be a non-fungible token (NFT) holder or trader. Following nearly two years of unprecedented growth, a liquidity plunge hit the NFT market in Q4 2022, persisting into mid-2023. It caused the floor prices of at least 95% of NFT projects to crash near zero levels, as revealed by a dappGambl report from September. To stress the gravity of the situation, the report indicated that nearly 80% of all NFT tokens remained unsold as there was virtually no demand to keep up with the supply. Furthermore, per dappGambl, less than 1% of nearly 9,000 top NFT collections it surveyed had a value north of $6,000. About 41% were priced between $5 and $100, while 18% were worthless, with a floor price of 0 Ether (ETH). Dead NFTs | Source: dappGambl report NFT market analysis for 2023 Despite the decline in the broad...