NFT trading volume falls 19% in 2024
The NFT market faced significant challenges in 2024, marking its worst year since 2020, according to a recent report by DappRadar.
On January 14, DappRadar revealed that NFT trading volume dropped by 19% from the previous year, totaling $13.7 billion, while sales counts fell by 18%, dropping below 50 million.
The report attributes this decline to rising token prices and increased market volatility, making NFTs generally more expensive in 2024.
In contrast, the CryptoPunks NFT collection saw a notable increase, with its floor price rising by 13% amid speculation regarding the potential sale of its intellectual property rights.
These rumors were fueled by a post from Wale.moca, a researcher at NFT firm Azuki, who cited “several sources close to the matter” regarding Yuga Labs' possible plans for the IP.
While no specific buyer was mentioned, it was noted that the acquisition would not be made by a “major Web2 brand” or another large NFT company.
Additionally, there was an interesting development involving Indian Railways, which announced a partnership with Chaincode Consulting to issue NFT tickets for passengers traveling to the MahaKumbh Mela festival.
This initiative aims to provide a digital-first experience for attendees of the significant Hindu pilgrimage, leveraging NFTs minted on the Polygon blockchain.
Alok Gupta, CEO of Chaincode Consulting, emphasised that this partnership would enhance the spiritual and traditional significance of the event.
Despite the overall downturn in NFT trading activity, the rise in prices for certain collections like CryptoPunks indicates ongoing interest among collectors and investors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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