2024 NFT Report: Are NFTs Useless?

On this analysis, we collected a complete listing of over 5,000 NFTs from NFTscan, together with their flooring worth, market cap, and buying and selling quantity. Our evaluation centered on two essential features: figuring out if NFTs are really “useless” and assessing their profitability for holders.

Figuring out if NFTs are Useless:

We outlined an NFT as “Useless” if it met any of the next standards:

• Buying and selling quantity equals 0
• 7-day gross sales are fewer than 20
• No exercise on Twitter

Following this, we calculated their lifespan by figuring out their begin and finish dates, outlined as follows

• Begin: Area registration date
• Finish: Final publish date on Twitter

Assessing NFT Profitability

First, we used the NFTScan API to gather all transactions, totaling roughly 5 million and gathered data on the holders of particular NFT collections. Subsequent, we computed the revenue and loss (PnL) for every holder by analyzing their transactions over a 5-year interval. This allowed us to find out whether or not they’re really gaining or shedding cash from buying and selling NFTs.