NFT Market 2024: Will It Observe Returns Like the 2021 Rally?
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NFTs, or Non-Fungible Tokens, are distinctive digital assets recorded on the blockchain. So, what is an NFT trending for in 2024? NFT’s exceptional nature 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 2021. The year will be remembered as the introductory year which made NFTs known to the masses. Will the NFT market in 2024 observe similar returns like the 2021 NFT rally?
How Did the NFT Rally of 2021 Look?
During the first six months of 2021, the NFT space generated a record $2.5 billion in trading. 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 created an impact on the NFT market.
2021 became the year when the broader public started paying attention to NFTs. Words are out that NFTs will make a big comeback in 2024. Will the NFT market see the NFT rally of 2021 again? Or, will it be on its gradual recovery path as seen in 2023?
NFT Market Today
The global NFT market cap today is $69.76 billion. The NFT market is expected to transform in 2024. Despite a continued decline and negative background, it is predicted that the NFT space will make around $2,378 million in revenue in 2024. With a lot of new changes, the NFT market place could witness a lot of new trends. As we mention some of the NFT boosters, we can see metaverse topping the list! The global metaverse market size is growing at a good rate, with a CAGR of 47.2% from 2023 to 2027. The metaverse NFT market is going to give opportunities to the creators, artists and gamers to make money from their digital creations.
2023 saw the rise of NFT aggregators as well. They let traders complete whole collections by buying lots of NFTs at the lowest prices, without the need to go to each market separately. This world is all about Web3, and NFTs are surely to gain momentum in 2024.
Filed under: Bitcoin - @ April 3, 2024 3:12 pm