- NFT trading volume dropped by 19% and sales decreased by 18% in 2024, compared to previous year.
- 2024 marked the worst-performing year for the NFT market, says DappRadar.
After 2021 remaining as the year of NFTs in the history of crypto, the NFT industry hasn’t yet reclaimed its position completely. However, NFT collections such as Pudgy Penguins made news by the end of 2024 with their increasing demand and value. At one point, the floor price of Pudgy Penguins even crossed the price of Bitcoin.
Decentralized application industry performance tracker DappRadar published a 2024 overview report and analyzed dApp, DeFi, and NFT spaces in crypto. One of the noteworthy findings is the weakened performance of the NFT market in 2024.
The NFT trading volume and sales decreased by 19% and 18% respectively in 2024 compared to 2023. Even though the NFT trading volume surged to $5.3 billion in Q1 2024, it dropped to $1.5 billion in Q3. Despite rising to a $2.6 billion trading volume in Q4, NFTs couldn’t perform as they used to in 2021 ans 2022.
A Shift in Dominance of Top NFT Collections
While Yuga Labs NFT collections used to be among the most-traded list, they faced a significant decline in sales. The floor price of Yuga Labs NFT collections has also decreased considerably, reflecting the drop in demand and hype around these NFTs.
On the other hand, Pudgy Penguins NFT collections rose to be among the top ones. Their floor price increased by more than 100% in 2024, along with serious efforts by the team to increase their adoption. With their plushies launch announcements in major retailer platforms such as Walmart and Walgreens, they were probably the only NFT collections to gain some attention and growth.
When it comes to NFT trading platforms, Blur remained the most-used trading platform and gave a stiff competition to OpenSea. The zero-fee trading feature and multiple airdrop announcements are behind the growth and usage of Blur platform. Another noteworthy mention here is the Magic Eden marketplace. It outperformed OpenSea and gained significant attention by launching its native ME token.
Nonetheless, 2024 remains as the worst-performed year for the NFT industry in history. With innovation and real-time usage, 2025 could bring back the hype around NFTs.
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