2024 proved to be the worst year for the NFT market, despite some successful projects.
NFT Market Overview in 2024
NFT trading volume decreased by 19% and sales declined by 18% in 2024, according to DappRadar. Although trading volume reached $5.3 billion in Q1, it dropped to $1.5 billion by Q3. The last quarter saw a rise to $2.6 billion, yet it failed to match the levels of 2021 and 2022.
Shift in Dominance of NFT Collections
NFT collections from Yuga Labs faced a significant drop in sales and floor prices. Meanwhile, Pudgy Penguins rose by more than 100% in 2024. The success was driven by focused efforts for wider adoption and product launches in major retailers like Walmart and Walgreens.
NFT Trading Platforms and Their Successes
Blur remained the most-used NFT trading platform with its zero-fee trading and airdrop initiatives. Magic Eden surpassed OpenSea by introducing the native ME token and supporting Solana NFT sales to gain massive traction.
Despite a challenging 2024, the prospects for 2025 remain positive with innovations and new possibilities for the NFT market.
