NFTs just had their worst performing year since 2020: DappRadar
The NFT market in 2024 experienced its lowest trading volume and sales since 2020, with trading volumes falling 19% to $13.7 billion and sales counts dropping 18% to under 50 million. Q1 saw a temporary increase in trading volumes to $5.3 billion, but this was followed by a decline to $1.5 billion in Q3 and a rebound to $2.6 billion in Q4. The rise in token prices, particularly for Ether (ETH), contributed to lower sales counts. Despite a revitalized crypto market led by Bitcoin's 125% gain, the NFT sector struggled. Gaming NFTs dominated sales, with Epic Games' Gods Unchained leading at $152 million, a 27% decrease from the previous year. Pudgy Penguins emerged as the top NFT collection by trading volume at $786 million, despite a 44% drop in sales count. The report emphasized that NFTs with real-life utility tend to perform better in the market.
