The NFT Market in 2024: A Year of Ups and Downs

The recently ended year 2024 was the year the non-fungible token market experienced its best of times, its worst of times, and then its best of times again.

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The recently ended year 2024 was the year the non-fungible token market experienced its best of times, its worst of times, and then its best of times again. The NFT market started bullish with notable happenings, including the launching of Bitcoin Puppets, a non-fungible token collection featuring a limited edition of 10,000 NFTs. Earlier in January, the Azuki NFT creator Chiru Labs introduced its Collector Status, a new way to reward collectors, adding more spice to the NFT market.

As the Azuki ecosystem grows, we’re kickstarting the flywheel that rewards our community.

⭐️ Introducing Collector Status 1.0 pic.twitter.com/DlKsQpJeCO

— Azuki (@Azuki) January 12, 2024

Magic Eden Launched NFT Reward Program

Before the end of January 2024, Magic Eden, one of the leading cross-chain non-fungible token marketplaces, launched its reward program, which enabled NFT users to earn redeemable diamonds based on their involvement in the market platform. Later the same month, the Pudgy Penguins NFT creator launched overpass licensing. Valhalla launched a keyboard in the same month, resulting in massive FUD.

The OverpassIP Beta is officially live, with two deals from @pudgypenguins for their toy line.

Learn more below. pic.twitter.com/QcC26XdlDK

— OverpassIP (@OverpassIP) January 27, 2024

The NFT market began February with the ordinal season, including the Quantum Cats mints, a non-fungible token collection that featured a limited edition of 3,333 NFTs hosted on the Bitcoin blockchain networks. Ordinals are at the center of attention, reaching new all-time highs (ATH) with NodeMonkes at 0.9 BTC floor price towards the end of the month. During this time, Yuga Labs, the creator of the Bored Ape Yacht Club, acquired Proof, the parent company behind the Moonbirds NFT collection.

Yuga Labs has acquired @PROOF_XYZ, which includes PROOF Collective, @Moonbirds, Mythics, @oddities_xyz, and @Grails exhibition series.

For more information, see the official Yuga News blog: https://t.co/ly3fTYxCBk pic.twitter.com/ouvIM4Hr4S

— Yuga Labs (@yugalabs) February 16, 2024

Before the end of February, the Bored Ape creator Yuga Labs fired Daniel Allegre, who served for less than one year and brought back Greg Solana as the new chief executive officer. During the same month, the Magic Eden NFT marketplace launched its Ethereum NFT marketplace in partnership with other NFT projects. Before February ended, the Airdrop season for top NFT communities started, with mainly Pudgy Penguin holders receiving tokens from Dymension etc.

In March 2024, Azuki entered the NFT headlines after launching Anime Foundation, which teased the $ANIME NFT coin. That same month, y00ts NFT creator Dust Labs introduced “creator nominations,” an onboarding tool for new creators into the community. Late in March, Wormhole, a cross-chain messaging protocol that allows data and digital assets to be transferred seamlessly between different blockchain networks, airdropped tokens to MadLads NFT holders.

W

Wormhole Wednesday

3-April-2024

11:30AM UTC pic.twitter.com/CjdmT1i8PE

— Wormhole (@wormhole) March 28, 2024

Punks NFT Sold For 4,000 ETH

In April 2024, Blast-based NFTs became the talk of the streets and picked up speed in anticipation of a Blur listing. A few weeks later, the CryptoPunks took over the news after an alien punk sold for over 4,000 ETH, equivalent to over $12 million. Azuki took the news desk late the same month after releasing episode 1 of the Anime Anthology Series. Before the month ends, Pacmoon (Blast meme coin) farming dominated the timeline, and NFT creators also made a bag.

In May 2024, Yuga Labs, the digital asset incubation studio managing the CryptoPunks, took the NFT timeline again after launching a weird art collection, which stirred massive fear, doubt, and uncertainty in the NFT space. Blast also appeared in the timeline after blast farming, which resulted in new ATHs for blast NFTs. Fantasy Top (Blast) trading cards made up the majority of total NFT trading volume.

Super Punk World is a 500-piece collection that is as playful as it is profound. For our Punk in Residence collaboration – @ninachanel has created hybridi