The NFT ($0.00) market suffered a dismal 2024, with trading volumes and sales counts dropping to their weakest levels since 2020.
Annual trading volumes fell by 19%, while sales counts dipped by 18% compared to 2023, according to a report by blockchain analytics platform.
Despite a surge in crypto market activity, driven by Bitcoin’s all-time highs and booming DeFi growth, NFTs appeared to struggle under the weight of their own inflated valuations.
Early in the year, NFT trading volumes reached $5.3 billion in Q1, a modest 4% increase compared to the same period in 2023.
However, this momentum proved fleeting, as volumes plummeted to $1.5 billion in Q3 before recovering slightly to $2.6 billion in Q4.
Even with these fluctuations, annual sales counts fell sharply, pointing to a broader trend: while individual NFTs became more expensive in line with rising crypto token prices, overall market engagement dwindled.
Yuga Labs’ flagship collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) hit historic lows, with floor prices
