The NFT ecosystem experienced its worst year in terms of trading volume in 2024, with trades dropping to levels last seen in 2020.
NFT trading volume experienced a steep decline in 2024, reaching levels not seen since 2020, as a result of the broader crypto market downturn and shifting trends in digital collectibles.
According to blockchain data provider DappRadar, total non-fungible token trading volume dropped to $13.7 billion in 2024, compared to $16.8 billion in 2023.
The report highlights that the NFT market faced persistent volatility throughout the year, leading to lower trading volumes and sales compared to previous years. Specifically, trading activity declined by 19%, while sales dropped by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, down from over 60 million in 2023.
Among the standout NFT series was Pudgy Penguins, which managed to buck the overall trend despite the broader NFT market downturn.
The project, owned by Igloo Inc., remained resilient amid declining sales across the sector, with the floor price of Pudgy Penguins —referring to the average cost of a single piece in the collection—surging by 114% in 2024.
The report credits Pudgy Penguins' success to non-blockchain-related strategies, such as launching merchandise and forming partnerships with retail franchises.
Moreover, the project rewarded holders with a Solana (SOL) token airdrop of its native PENGU (PENGU) tokens. Pudgy Penguins also has plans to expand token support to the Ethereum network and potentially build its own decentralized platform.
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