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actually what i do believe is that those participants has already done in their work , just waiting for the final moment to send it on.

That's exactly what's happening in my case. Seeing the time was extended I decided to make some finishing touches and submit my entry later. There's some entries in the thread, but most places are reserved. I think, as always, we'll have many submissions in the last two days.

Some maybe feel that the contest will extend since they see less submission and this is not usual happening since mostly artist submit their art once they are done or near to the deadline but now we see few submissions. But now since they extend the deadline and many had an idea in mind on what art they are going to submit then for sure this art contest for this round still exciting. I though we can less participants but for this extension it gives more time for other artist to catch up.

The last minute extension will encourage more to adjust their entries and do some additional art work, its good for those who are still working with their work.
I've done my work even before the extension and I'm about to post it but upon seeing the extension, I decided not to post. The usual time of posting is during the last day of submission, expect participants to post their entries during that time.

The main thing that comes to my mind on why participants do really post up their entries on the time that it nearly ends which it is really that obvious on which they dont really like for others to see their ideas or

having that kind of possible copying with their works with few alterations. This is why on the last day of submission then this is where most participants would really be that deciding on submission.
Its understandable and pretty obvious on why they would be doing that. On the current extension of the duration which it would really be a good news into those people who are really that preparing or doing
their best art which does need more time but for those who had finished out earlier then the waiting game would be much longer but it wont be an issue though.

Important thing is that this one would really be giving out ample time to those who are really still making their artworks or someone who would be tending to make some additionals
or adjustments into their works.