When you hear “NFT Marketplace”, OpenSea is typically what comes to mind, or Rarible perhaps.
But while the ascent of non-fungible tokens (NFTs) was initially celebrated as an innovative frontier within the cryptocurrency industry, the current landscape paints a more subdued picture, with the market experiencing a bearish trend.
In the wake of this shift, numerous NFT projects are grappling with the challenge of attracting buyers in light of a less optimistic outlook on future values.
An analysis by dappGambl, encompassing over 73,000 NFT collections, reveals a narrative that diverges significantly from the tales of million-dollar transactions and instant success.
Notably, a mere 21% of the scrutinized NFT collections have achieved full ownership or boasted over 100% ownership, leaving a substantial 79% unsold.
This stark disparity between the proliferation of new NFTs and the actual demand underscores a critical issue of oversupply, effectively shaping a buyer’s market.
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