NFTs
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.