Nfts
Are NFTs Dead? NFT Sales Dropped 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 remains the hype hegemon, 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 peaking in 2021.
Does the rise of artificial intelligence mean the death of NFTs? 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 began to dismiss NFTs as a fad after the 2022 crypto scandals surrounding FTX and Terra Luna.
The reality is more nuanced. Despite appearances, 2024 shows that investors are still invested heavily in NFTswhich suggests that the market is evolving with significant potential.
Market cap and trading volume recovered early in the year before stabilizing in the second quarter. This indicates a more stable market where top-tier NFTs still have their importance.
A new buying interest? Not really.
Public confidence remains fragile.
Are NFTs dead? Far from it.
Sales fell by From $4.14 billion in the first quarter to $2.32 billion in the second quarterthanks to a general market crash and memecoin mania. Yet the balance between buyers and sellers suggests the market may be stabilizing.
The Future of NFTs: Transformation and Opportunities
“Real world use.” Is anyone else tired of hearing this?
Some cryptos need it; others, like NFTs, could thrive in niche circles.
Think of it like fine art: NFTs appeal to those who are interested in digital art and see investment potential.
Additionally, major platforms like CryptoSlam, NonFungible, and DappRadar are predicting major changes in 2024. New creators, artists, and derivatives are flooding into the NFT market, indicating that there is still something going on there.
It’s not like the fidget spinner or MySpace, where literally no one uses it.
The focus is now on lasting value rather than quick gains, and to say that the NFT market is dead is not only premature but also false.