DappRadar: NFTs mark worst trading year since 2020

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2024 marked the lowest point for the NFT market in terms of trading activity since 2020, as trade volumes significantly decreased.

As reported by data provider DappRadar, the overall trading volume of non-fungible tokens (NFTs) decreased to approximately $13.7 billion in the year 2024. This represents a substantial decline compared to the $16.8 billion worth of NFT trades recorded in the previous year, 2023.

As a researcher delving into the realm of NFTs, I’ve noticed that the market experienced significant fluctuations throughout the past year, resulting in reduced trading volumes and sales compared to preceding periods. The trading activity dipped by approximately 19%, while sales saw a decrease of 18% year-on-year. In stark contrast to the over 60 million dollars worth of NFTs sold in 2023, total sales for 2024 fell to a mere 49.8 million.

Standout NFT series: Pudgy Penguins

In contrast to the general downturn in the NFT market, one specific collection, Pudgy Penguins, managed to shine brightly. As reported by DappRadar, this project, under the ownership of Igloo Inc., maintained its strength even as sales plummeted across the industry sector.

In the year 2024, the typical cost for a single Pudgy Penguin, often referred to as the base price, experienced an increase of 114%.

The report attributed Pudgy Penguins’ triumphs not to blockchain-based tactics, but rather to initiatives like launching merchandise and striking deals with retail chains. Furthermore, the initiative distributed a free airdrop of its native PENGU tokens, the PENGU (PENGU), among holders in Solana (SOL). Pudgy Penguins intends to broaden token compatibility to Ethereum‘s network and possibly develop their own decentralized platform.

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2025-01-15 17:15