NFT Trading Volume Drops 19%
The NFT market faced a challenging year in 2024, with trading volumes falling 19% to $13.7 billion compared to $16.8 billion in 2023, according to DappRadar. Sales counts also declined by 18%, from 60.6 million in 2023 to 49.8 million in 2024. This made 2024 the worst-performing year for NFTs since 2020.Volatility and Collection Disparities
NFT volumes peaked at $5.3 billion in Q1 but dropped to $1.5 billion in Q3 before recovering slightly in Q4. Successful collections like Pudgy Penguins saw a 114% increase in floor prices, driven by real-world applications such as toy launches and brand partnerships. Meanwhile, Yuga Labs faced declining activity despite plans for a metaverse project in 2025.Market Trends and Future Outlook
The report noted a shift in perceptions, with NFTs increasingly valued for their utility rather than speculative prices. DappRadar highlighted the importance of innovation and real-world use cases in sustaining the market, signaling a move towards more practical applications of blockchain technology.
Read the full article on
theblock.
