2024 NFT Report: Are NFTs Dead?

In this research, we collected a comprehensive list of over 5,000 NFTs from NFTscan, including their floor price, market cap, and trading volume. Our analysis focused on two main aspects: determining if NFTs are truly “dead” and assessing their profitability for holders.

Determining if NFTs are Dead:

We defined an NFT as “Dead” if it met any of the following criteria:

• Trading volume equals 0
• 7-day sales are fewer than 20
• No activity on Twitter

Following this, we calculated their lifespan by determining their start and end dates, defined as follows

• Start: Domain registration date
• End: Last post date on Twitter

Assessing NFT Profitability

First, we used the NFTScan API to collect all transactions, totaling approximately 5 million and gathered information on the holders of specific NFT collections. Next, we computed the profit and loss (PnL) for each holder by analyzing their transactions over a 5-year period. This allowed us to determine whether they are actually gaining or losing money from trading NFTs.