Once the treasures of the crypto world, NFTs are experiencing a revival in 2024. Let's explore key changes and new opportunities.
Shift from Speculation to Practicality
In 2024, NFTs are increasingly used for practical real-world purposes. Shifting focus from high-priced art and collectibles, they are now finding roles in decentralized finance (DeFi) as liquidity instruments and governance tools. Ethereum's ERC-6551 protocol allows NFTs to act as wallet containers, expanding their applications.
Reboot of Blockchain Gaming and the Metaverse
The maturation of metaverse technologies is boosting the popularity of blockchain-based games. Titles like *The Sandbox* provide unique interactions for players, balancing entertainment with sustainable rewards. Gaming NFTs accounted for 26% of the total market volume in Q3 2024, showing growth and stability.
Mainstream Brands Fuel NFT Adoption
Major brands like Nike and Sony are investing heavily in NFTs, enhancing market accessibility and diversity. Nike's virtual sneaker NFTs bridge the physical and digital worlds, generating $5 million in revenue in Q2 2024.
Despite positive signs, whether NFTs have fully emerged from their downturn remains debatable. However, transitioning to a utility-driven ecosystem, NFTs may play a key role in the next phase of Web3 evolution.
