In 2024, the NFT market experienced a rollercoaster ride, starting off on shaky ground with major collections struggling to maintain value. Floor prices dropped, and trading volumes decreased, causing concern about the market’s future. However, as the year progressed, there was a resurgence in the broader cryptocurrency market, leading to a late-year recovery for NFTs. Pudgy Penguins, a collection that was once declining, saw a revitalization under new ownership, reaching all-time highs above $100,000 in anticipation of its token airdrop.
The competition among NFT marketplaces intensified in 2024, with platforms like Magic Eden, Blur, and OpenSea vying for dominance. These platforms drove innovation by incorporating new blockchains and trading types, making the NFT space more dynamic and unpredictable. From a slow start to an exciting finish, 2024 highlighted the passion of the NFT community and the constant quest for innovation.
Bitcoin Ordinals, also known as Bitcoin NFTs, found success in 2024 due to significant infrastructure upgrades and increased adoption. Early challenges, such as the lack of user-friendly wallets and marketplaces, were addressed, making it easier for users to hold and trade Ordinals. Projects like Bitcoin Puppets and NodeMonkes saw significant price increases, contributing to the overall growth of the Ordinals ecosystem.
NFT marketplaces evolved and expanded in 2024, with OpenSea, Magic Eden, and Blur playing key roles in shaping the industry. While Blur initially dominated Ethereum NFT trading, Magic Eden stood out with bold innovations, including the addition of a decentralized exchange for Bitcoin’s meme coins. OpenSea also made headlines towards the end of the year, with CEO Deven Finzer expressing willingness to tackle regulatory challenges and hints of a potential future token launch.
2024 saw some major brands step back from the NFT space due to a bear market and fading interest. Nike shut down RTFKT, Starbucks ended its Web3 loyalty program, and DraftKings discontinued its fantasy game. However, McDonald’s made a notable entry into the NFT world with a collaboration with the Doodles collection, showcasing the continued potential for creative integrations between brands and NFTs.
The rise of fungible tokens in connection with NFT projects gained momentum in 2024, with many collections launching ecosystem tokens to incentivize holders and participants. Pudgy Penguins introduced its PENGU token on Solana, providing a substantial stimulus to NFT holders. Other collections like Memeland, Milady, and Mocaverse also launched tokens, with market caps exceeding $100 million. This trend is expected to continue into 2025, with Azuki and Yuga Labs planning token drops for their ecosystems.
