The NFT market began 2024 struggling with declining values and trading volumes, but new optimism emerged in the final quarter, driven by a bullish shift in the broader cryptocurrency landscape. Notable collections like Pudgy Penguins revitalized under new ownership, while NFT marketplaces such as Magic Eden and Blur competed fiercely, driving innovation. 2024 was marked by significant advancements in Bitcoin Ordinals, which gained traction through infrastructure improvements and increased adoption, showcasing successful projects like Bitcoin Puppets and NodeMonkes. In the realm of marketplaces, Magic Eden dominated Bitcoin NFTs, while OpenSea made a notable comeback towards year-end, hinting at future developments. Some big brands, including Nike and DraftKings, retreated from the NFT space, citing market challenges, while McDonald’s ventured into Web3 with a creative collaboration. Additionally, the rise of utility tokens linked to NFTs gained momentum, with massive token launches providing financial incentives for NFT holders, hinting at a continued narrative into 2025.

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