DappRadar's recent report indicates that the NFT market had its worst performance in trading volume and sales since 2020. In 2024, trading volumes fell by 19% from 2023, totaling $13.7 billion, while sales counts dropped by 18% to just under 50 million. Despite a 4% increase in Q1 trading volumes to $5.3 billion compared to the previous year, this momentum dwindled with volumes plunging to $1.5 billion in Q3 before modestly rebounding to $2.6 billion in Q4. Prices of NFTs generally rose, reflecting higher trading values. Gaming NFTs led the market, with Epic Games' Gods Unchained generating $152 million, a 27% decrease from 2023. Meanwhile, Pudgy Penguins became the top NFT collection by trading volume, experiencing a 140% increase to $786 million, despite a 44% drop in sales count. The report implies that NFTs with real-life utility performed better, emphasizing the evolving nature of the NFT ecosystem.

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