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NFT Market 2024: Will it see returns like the 2021 Rally?

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NFT Market 2024: Will it see returns like the 2021 Rally?

NFTs, or Non-Fungible Tokens, are distinct digital assets registered on the blockchain. So what is the NFT trend in 2024? The exceptional nature of NFT is attributed to high security and a strong shield against theft. NFTs date back to 2014 when the first NFT, Quantum, was created by Kevin McCoy and Anil Dash.

NFT trading increased from $82 million in 2020 to $17 billion in 2021. NFT became the Collins Dictionary word of the year for 2021. The year will be remembered as the introductory year that made NFTs known to the masses. Will the NFT market in 2024 see similar returns as the 2021 NFT rally?

How was the 2021 NFT Rally?

During the first six months of 2021, the NFT space generated a record $2.5 billion in trades. Q3 changed everything when the NFT market exploded with $10.7 billion due to strong community, teams, and utility factors. Projects like Art Blocks, CyberKongz, Loot, and Cool Cats have created an impact on the NFT market.

2021 was the year the general public started paying attention to NFTs. There are rumors that NFTs will make a big comeback in 2024. Will the NFT market see the 2021 NFT rally again? Or will it be on its path to gradual recovery, as seen in 2023?

NFT market today

The global NFT market value today is $69.76 billion. The NFT market is expected to transform in 2024. Despite a continued decline and a negative scenario, the NFT space is predicted to generate around $2,378 million in revenue in 2024. With many new changes, the NFT Market could witness many new trends. When we mention some of the NFT boosters, we can see the metaverse at the top of the list! The global metaverse market size is growing at a good pace, with a CAGR of 47.2% from 2023 to 2027. The metaverse NFT market will give opportunities to creators, artists, and gamers to earn money from their digital creations.

2023 also saw the emergence of NFT aggregators. They allow traders to complete entire collections by purchasing many NFTs at the lowest prices without needing to go to each market separately. This world revolves around Web3, and NFTs will certainly gain momentum in 2024.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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NFTs

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AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

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AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

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Solana Monkey Business Leads NFT Sales with $875,91K

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Solana Monkey Business Leads NFT Sales with $875,91K

Floptober NFT from above

Image: AI-generated via Midjourney

Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.

The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.

This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.

The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.

The second best performing collection of the day was gETH Locked Deposit.

This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.

The asset was brother-in-law just moments before the transfer is made.

In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.

The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.

Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.

While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.

Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.

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ArcadeXYZ Secures $450,000 in Ringers NFTs

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ArcadeXYZ Secures $450,000 in Ringers NFTs

NFT lending remains strong despite the overall downward trend in prices.

Arcade.XYZ, a non-fungible token (NFT)-based lending protocol, secured $450,000 worth of NFTs from Dmitri Cherniak’s Ringers collection on July 24.

The loan is structured with a principal of $16,000 per NFT, and the current highest bid on the Ringers collection on Opensea is 8 wETH, equivalent to approximately $26,000.

The big loan comes at a time when darlings of the generative art scene like Ringers and Fidenzas continue to see their floor prices drop. Bells It is Fidenzas both have surpassed the 2021 minimum price of 100 ETH and are now at just 17 ETH and 32 ETH.

Collateralized Ringers – Arcade.xyz

Despite the slowdown in sentiment and prices around NFTs, the lending market continues to process consistent volume.

Some of the largest platforms, Blend, Gondi, NFTfi, and Arcade process over $80 million in outstanding debt combined. The NFT lending market broke volume records in Q1 2024, surpassing $2 billion in total volume.

Q1’s extraordinary lending volumes can be attributed to Blend’s Blast airdrop incentive and the rise of Ordinals loan in the Arcade.
The largest NFT loan belongs to CryptoPunk 8219 by NFT collector Gmoney, which was guaranteed for $1 million in Gondi XYZ, and holds a current principal of $700,000. A far cry from the claims made in the mainstream media that “Your NFTs are actually, finally, totally worthless.”

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