In 2024, non-fungible tokens (NFTs) proved resilient despite facing significant hurdles. Although sales volumes declined to about $8.5 billion, the number of unique buyers surged by 62% from 2023, indicating a sustained interest in NFTs. Major setbacks included social media platform X removing NFT profile picture features and GameStop and DraftKings discontinuing their NFT marketplaces due to regulatory uncertainties. The U.S. Securities and Exchange Commission (SEC) intensified scrutiny on NFTs, with actions against platforms like OpenSea and CyberKongz for potential violations of securities laws, claiming some NFTs might be unregistered securities. Following a seven-month decline in the NFT market, sales revived slightly in late 2024, led by transactions on Ethereum, Bitcoin, and Solana. As for the future, many industry professionals believe NFTs will grow into new applications beyond digital art, with predictions of increased trading activity and utility as the broader crypto market matures.

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