NFT

NFTs mark worst trading year since 2020

Published

10 months ago

January 15, 2025

The NFT ecosystem had its worst yr by way of buying and selling quantity in 2024, with transactions falling to ranges final seen in 2020.

In accordance with blockchain knowledge supplier DappRadar, whole non-fungible token buying and selling quantity fell to $13.7 billion in 2024, a major drop from $16.8 billion in 2023.

The report highlighted that the NFT market skilled continued volatility all year long, resulting in decrease buying and selling volumes and gross sales in comparison with earlier years. Buying and selling exercise fell 19%, whereas income fell 18% year-on-year. Complete NFT turnover fell from greater than 60 million in 2023 to 49.8 million in 2024.

DappRadar: NFTs mark worst trading year since 2020 - 1 — Annual NFT Buying and selling Quantity | Supply: DappRadar

Notable NFT sequence: Pudgy Penguins

Regardless of the final hunch within the NFT market, one assortment – Pudgy Penguins – emerged as a standout performer. In accordance with DappRadar, the mission, owned by Igloo Inc., remained resilient regardless of declining gross sales throughout the trade.

Pudgy Penguins’ flooring value, which refers back to the common value of a single piece within the assortment, has elevated by 114% by 2024.

The report attributed Pudgy Penguins’ success to non-blockchain associated methods, comparable to launching merchandise and forging partnerships with retail franchises. Moreover, the mission rewarded holders with a Solana (SOL) token airdrop of the unique PENGU (PENGU) tokens. Pudgy Penguins has plans to develop token assist to the Ethereum community and presumably construct its personal decentralized platform.