The NFT market faced significant challenges in 2024, with trading volumes and sales counts declining to levels not seen since 2020. Annual trading volumes decreased by 19%, and sales counts dropped by 18% compared to 2023. Despite a surge in the broader crypto market, NFTs struggled with inflated valuations. Initial trading volumes in Q1 reached $5.3 billion, but later fell sharply to $1.5 billion in Q3 before recovering to $2.6 billion in Q4. Collections like Bored Ape Yacht Club and Mutant Ape Yacht Club saw their floor prices drop dramatically. DappRadar noted that the market's dependence on high prices was being questioned. Noteworthy transactions, such as the collateralization of a CryptoPunk, underscored the ongoing speculative nature of NFTs. Despite the downturn, platforms like Blur emerged as leaders due to zero-fee trading, while OpenSea faced challenges. While November saw a bump in trading volumes, the overall outlook for 2025 emphasizes the need for NFTs to focus on affordability and utility to ensure sustained growth.

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