NFTs began the year in poor shape, as collections of major importance struggled to hold their value amid an ongoing bearish mood. As trading volume declined, floor prices fell across the board. Many questioned whether or not the NFTs market would rebound.
As the year progressed to the fourth quarter, a new optimism in the cryptocurrency market emerged. The stage is set for an end-of-year revival. Be realistic in your expectations. The NFT community welcomed the change in vibe, even if it wasn’t like a gold rush of 2021/2022.
Pudgy Penguins was the first to take off, an old collection in decline that grew under new ownership beginning 2022. The new record high is above $100,000 In anticipation of the token airdrop.
The NFT market competition increased in 2024, resulting in this revitalization. Magic Eden, Blur and OpenSea platforms fought for dominance and drove innovation by introducing new trading types and blockchains.
The 2024 event reminded everyone that NFT is still as unpredictable and dynamic as it was before, thanks to the community’s passion and constant drive for innovation.
In 2024, here are some of the most important themes that will be covered by NFTs.
The Bitcoin Ordinal finds its footing
The first phase of the program will begin in 2023. The Bitcoin Ordinal—or Bitcoin NFTs, more or less—truly found their stride this year thanks to significant infrastructure upgrades and growing adoption. Wallets like Unisat, XVerse, and Unisat, which made Ordinals easier and safer to store, helped overcome early challenges.
Trading became much more fluid as Magic Eden and OXK, two marketplaces that added crucial support to the early trading days, where Bitcoin Ordinals were traded using spreadsheets on Discord servers, improved dramatically.
The infrastructure development paved the path for outstanding projects to be highlighted and was a catalyst in achieving this. “drive a renaissance in activity on Bitcoin,” Franklin Templeton.
Magic Eden reports that Bitcoin Puppets (Bitcoin Puppets) and NodeMonkes were the first to jump from low mint prices up to peak levels of 0.469 Bitcoins ($33,000), and 0.897 Bitcoins ($56,000), respectively. Prices have since fallen to 0.138 (about $14,000) and 0.125 Bitcoin (12,650), respectively, with BTC’s price being higher. However, the impact of these prices on the Ordinals eco-system remains. Other high-profile projects, such as Quantum Cats or Ordinals Maxi business have also found passionate collectors.
NFT Marketplaces are evolving and expanding
OpenSea Magic Eden Blur and other NFT markets have played an important role this year. Blur remained dominant in Ethereum NFT trade, but it’s influence decreased during the summer when the NFT bear-market continued. Its founding team was also focused elsewhere. Launching BlastEthereum The layer-2 network.
Magic Eden stole the show with its bold innovations. It was the first to introduce Bitcoin NFTs. Runes decentralized Exchange—Bitcoin's version of meme coins—after the Halfing. The ME Foundation launched the ME token to create excitement around the ME brand. Airdropped $700,000,000 to Users of Its Protocol.
Meanwhile, OpenSea—the leading marketplace from the 2021 boom—reemerged as a figurehead in the NFT world towards the end of the year. Deven Finzer, the CEO of OpenSea was very vocal about his company’s willingness. “stand up and fight” The platform was under SEC review in September.
Soon after, the OpenSea marketplace revamp began to be tested, causing a buzz in the market. This fueled speculation about a possible future token launch. The speculation grew when users started reporting Loyalty programs for closed betaOpenSea Foundation registered in Cayman Islands.
Brands change and come back.
Nike and Adidas rushed to the NFT space in 2021, amidst the NFT hype. A bear market in NFTs and declining sentiment prompted many giants to withdraw from the space by 2024.
The most notable exits were with Nike has decided to close down RTFKT. The fashion and technology studio that it purchased in 2021 for an unspecified sum. Nike made its move in the summer of 2016. Starbucks has discontinued its Web3 loyalty programmeStarbucks Odyssey is a blockchain-based coffee company that operated using the Polygon network.
DraftKings has abruptly ceased its participation in NFTs. DraftKings Reignmakers is closing down. After several years in operation. This move was made in response to a lawsuit filed by users as part of a collective action and regulatory concerns.
Web3 has been a major success for some brands, while others have slowed down. McDonald’s joined a significant collaboration. Teaming up with NFT Collection Doodles For a campaign themed around the holidays. McDonald’s outlets offered custom coffee cups with holiday designs to promote NFT. This collaboration showed that some brands are still open to creative integrations, even in the quieter NFT industry.
Going Token Crazy
NFT Projects and their connection to the ‘New Frontiers of Technology’ have been making headlines for months. fungible Sometimes called utility tokens by their ecosystems.
While NFT collections launching or having an associated token is not a new phenomenon, the rise of tokenization in 2024—and growing optimism about the U.S. regulatory landscape under President-elect Donald Trump—has put token launches squarely back in the limelight.
All the more so, Pudgy Penguins launches its eco-token PENGU Solana in this month. More than 7,000,000 unique wallets were eligible to claim the token. It provided NFT holders, as well other qualified parties, with more than $1,5 billion in collective stimulus.
In 2024, it is not only the Puddly Penguins who have become tokens. The NFT collection Memeland alone has risen by a staggering 80% in the last year. MiladyMocaverse,, and. all distributed tokens to NFT holders.
All three of those respective tokens have surpassed and maintained market caps of more than $100 million at the time of writing—and that’s just the tip of the iceberg.
This story is likely to continue to generate buzz until 2025 when Azuki releases its anticipated movie. ANIME tokens to the ecosystem AnimeChain is a place where you can find other Web3 users.. Yuga Labs is also expected to promote ApeCoin, APE, vigorously. ApeChain launched recently.
Andrew Hayward is the editor