2024 saw the NFT market endure its poorest year for trading volume and sales since 2020, according to a study by DappRadar. This was marked by increased market instability and escalating token prices.
As a crypto investor, I recently came across an interesting finding from the blockchain analytics platform’s 2024 Dapp Industry Report published on January 14. The report suggests that the volume of NFT trading last year decreased by nearly 20% compared to 2023, reaching approximately $13.7 billion. Moreover, the number of NFT sales also saw a drop of around 18%, falling just shy of 50 million units. This means that 2024 was one of the least productive years for NFT trading since 2020.
DappRadar reported that Non-Fungible Tokens (NFTs) experienced noticeable fluctuations during the first quarter of 2024, with trading volumes increasing by 4% to reach a total of $5.3 billion, up from Q1 2023. However, this upward trend proved temporary as volumes dipped to $1.5 billion in the third quarter and then rose again to $2.6 billion in the fourth quarter.
2024 saw a decrease in the number of sales compared to 2023, indicating that NFTs were generally pricier during that year, aligning with the surge in token prices, especially when it comes to Ether (ETH).
2024 saw a resurgence in the cryptocurrency market, particularly Bitcoin (BTC), surging by 125%, and yet, the Non-Fungible Token (NFT) market has been slow to recover alongside this boost.
2022 marked a breakthrough year for Non-Fungible Tokens (NFTs), as data from DappRadar indicates. During this time, NFT trading volumes skyrocketed to an unprecedented $57.2 billion, and the market’s sales count soared to an impressive 121.7 million units.
Gaming dominates, Pudgy’s lead
According to a report from DappRadar, it was evident that gaming-related NFTs led the way in terms of the number of collections sold.
Last year, Gods Unchained, the trading card game by Epic Games, led the gaming NFT market with a total sales volume of $152 million, representing a 27% decrease compared to the previous year. Additionally, there were approximately 3.86 million sales, marking an 18% decline from 2023 figures.
In 2023, the Pudgy Penguins NFT series saw an impressive increase in trading volume, jumping by more than 140% to reach a staggering $786 million. This surge also brought about a 114% rise in the floor price for the collection, all while sales count experienced a decrease of 44%.
The assortment has introduced plush toys at significant retailers like Walmart in America and the high-end department store Selfridges in the UK, as well as a mobile game and sports collaborations. DappRadar commented that these actions underscore the idea that NFTs with real-world applications are thriving.
The report suggested that maybe the year 2024 showed us that NFTs don’t necessarily have to be costly to demonstrate their significance within the wider Web3 landscape.
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2025-01-15 08:01