According to Nansen, a Singapore-based blockchain analytics company, one in every three NFTs becomes a dead collection with little or no trading activity after it has been minted.
Today, the company released a report on its study on NFT minting patterns. According to its results, one-third of freshly mined NFT developers set floor prices higher than their initial minting costs. As a result, one out of every three freshly issued NFTs fails to capture investors’ attention and is never sold, according to Nansen.
The Report also stated that one out of every three freshly issued NFTs fails to capture investors’ attention and is never sold.
Nansen also revealed that since July 2021, the average NFT minting price has varied between 0.07 ETH and 0.1 ETH. The bulk of miners spend up to 0.5 ETH on mints.
Analytics explains the reduction as a result of increased competition as more new NFT miners enter the market.
The number of NFT miners has increased by 2000 times in the last year, from about 500 at the start of 2021 to 1.2 million at the end of February 2022.
According to Nansen’s data, an average of 44.8 percent of newly issued NFTs are resold on the secondary market each month from January 2021 to February 2022.