NFTs
Are NFTs Dead? NFT Sales Drop 90% With No Signs of Recovery
Are NFTs dead or alive? The year 2024 may well be remembered as the year NFTs died, and it all started with AI.
AI dominated the conversation in 2023 and is still the hegemon in the hype, with search volumes skyrocketing by 13,210%, leaving everything else, including NFTs, in the dust.
Search interest in NFTs dropped 82% in early 2024, and their value has fallen 90% since their 2021 peak.
Does the rise of AI mean NFTs are dead? Not necessarily. But NFTs are in a bad position that could swing either way.
Are NFTs Dead? The Decline and Evolution of the NFT Market
Speculators have begun to dismiss NFTs as a fad following 2022’s cryptocurrency scandals such as FTX and Terra Luna.
The reality is more nuanced. Despite what it may seem, 2024 shows that investors still heavily invested in NFTssuggesting that the market is evolving with significant potential.
Market cap and trading volume surged at the start of the year before leveling off in Q2. This points to a more stable market where top-tier NFTs still matter.
New buying interest? Not really.
Dominant confidence? Still shaky.
Are NFTs dead? Far from it.
Sales fell from $4.14 billion in Q1 to $2.32 billion in Q2thanks to a broader market drop and memecoin mania. However, the balance between buyers and sellers suggests the market could stabilize.
The Future of NFTs: Transformation and Opportunities
“Real world use”. Is anyone else tired of hearing that?
Some cryptocurrencies need this; others, like NFTs, can thrive in niche circles.
Think of it as fine art: NFTs appeal to those who understand digital art and see investment potential.
Furthermore, leading platforms like CryptoSlam, NonFungible, and DappRadar predict major changes in 2024. New creators, artists, and derivative products are flooding the NFT market, signaling that there is still something happening there.
It’s not like the fidget spinner or MySpace, where literally no one uses it.
The focus is shifting from quick gains to sustainable value, and saying that the NFT market is dead is not only premature but also false.