#NFTs, which blew into popularity in mid-2021, are now facing the brunt of the declining fortunes in crypto as epitomized by the drop on the leading NFT sales platform.
NFT trading volumes plummeted in 2024, reflecting the broader downturn in the crypto market. After a brief surge in Q1 2024, fueled by rising crypto token prices, NFT trading volumes declined sharply throughout the year.
According to a recent report, annual NFT trading volumes dropped by 19%, while sales counts declined by 18% compared to 2023. This downturn was particularly evident in the secondary market, where NFT traders faced the brunt of the declining fortunes.
Despite a surge in crypto market activity – fueled by Bitcoin reaching all-time highs and rapid DeFi growth – NFTs struggled under the burden of their inflated valuations. As a result, even with the efforts of Web3 projects like Pudgy Penguins, NFT trading volumes faced a 99% plunge on OpenSea in 3 months.
As the NFT market continues to evolve, it will be interesting to see how these trends unfold in the coming year, especially with the recent launch of AI-generated NFTs. Stay tuned for more updates from our crypto team.
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