The NFT market is expected to see positive growth in 2024 driven by factors such as the overall performance of the crypto market, widespread adoption by mainstream brands, and its various use cases in different industries. The market saw a resurgence towards the end of 2023, with weekly trading volumes surpassing $500 million in December of that year.

Key findings from the latest Coinpedia report on NFTs in March 2024 include a 4% drop in sales volume at the beginning of the month, a decline in performance of Blue-Chip NFTs, and a decrease in monthly sales volume for leading marketplace OpenSea. Notably, OpenSea recorded its lowest monthly user count since July 2021, indicating a slight slowdown in the NFT market. The report also highlights the evolution of NFTs with trends such as Hybrid NFTs, RAW tokenisation, Gaming NFTs, Ordinals, and Phygital NFTs.

With the NFT market cap reaching $76.61 billion USD as of March 31, 2024, various blockchain platforms like Bitcoin, Ethereum, and Solana have been leading the market in terms of sales performance. Bitcoin, in particular, has been dominating the NFT market, with Ethereum closely following. Some notable trends in the NFT space include AI-curated NFT collections, Gaming Tokenization, and Defi NFT Integration, which are expected to shape the industry in the coming year.

Overall, the NFT market in 2024 is poised for growth and innovation, with various trends and projections indicating a dynamic landscape for digital assets. Coinpedia's comprehensive report sheds light on the major developments in the NFT space for the month of March 2024, offering valuable insights for investors and enthusiasts alike.