Will the NFT Market in 2024 Witness Returns Similar to the Rally in 2021?
Non-Fungible Tokens (NFTs) are unique digital assets that are recorded on the blockchain. So, what will be the trend for NFTs in 2024? The exceptional nature of NFTs lies in their high security and the strong protection they offer against theft. The concept of NFTs dates back to 2014, when the first NFT, Quantum, was created by Kevin McCoy and Anil Dash.
In 2021, the trading of NFTs increased from $82 million to a whopping $17 billion. NFT even became the Collins Dictionary word of the year for 2021. This year will be remembered as the year that introduced NFTs to the masses. Will the NFT market in 2024 experience similar success to the NFT rally of 2021?
What did the NFT rally of 2021 look like? In the first half of the year, the NFT space generated a record-breaking $2.5 billion in trading. However, it was in the third quarter that everything changed, as the NFT market exploded with $10.7 billion, thanks to strong community support, dedicated teams, and utility factors. Projects such as Art Blocks, CyberKongz, Loot, and Cool Cats made a significant impact on the NFT market.
2021 was the year when the general public started paying attention to NFTs. There are predictions that NFTs will make a big comeback in 2024. Will the NFT market witness another rally like in 2021? Or will it follow a gradual recovery path, similar to what was seen in 2023?
As of today, the global NFT market cap stands at $69.76 billion. It is expected that the NFT market will undergo a transformation in 2024. Despite a continued decline and negative background, it is predicted that the NFT space will generate approximately $2,378 million in revenue in 2024. With many new changes on the horizon, the NFT marketplace could witness a variety of new trends. One of the top boosters for NFTs is the metaverse, which is experiencing significant growth. The global metaverse market size is projected to grow at a rate of 47.2% from 2023 to 2027. The metaverse NFT market will provide opportunities for creators, artists, and gamers to monetize their digital creations.
Additionally, 2023 saw the rise of NFT aggregators. These platforms allow traders to complete entire collections by purchasing multiple NFTs at the lowest possible prices, without the need to visit each individual market. This is the world of Web3, and NFTs are set to gain even more momentum in 2024.
Tags: NFT