Nfts
NFT Market 2024: Will it See Returns Like the 2021 Rally?
NFTs, or Non-Fungible Tokens, are distinctive digital assets recorded on the blockchain. So, what is the point of an NFT trend in 2024? The exceptional nature of the 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 Collins Dictionary’s 2021 word of the year. This year will be remembered as the introductory year that brought NFTs to the mainstream. Will the NFT market in 2024 observe similar returns as the 2021 NFT rally?
What did the 2021 NFT rally look like?
In the first six months of 2021, the NFT space generated a record $2.5 billion in transaction volume. The third quarter 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 made an impact on the NFT market.
2021 became the year when the general public began to show interest in NFTs. There are rumors that NFTs will make a big comeback in 2024. Will the NFT market experience the 2021 NFT rally again? Or, will it be on the path to a gradual recovery, as we saw in 2023?
The NFT market today
The global NFT market capitalization today is $69.76 billion. The NFT market is expected to transform in 2024. Despite continued decline and negative backdrop, it is predicted that the NFT space will generate approximately $2,378 million in revenue in 2024. With many new changes, the NFT Marketplace could witness many new trends. As 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 NFT metaverse market is going to give creators, artists and gamers the opportunity to earn money through to their digital creations.
2023 also saw the rise of NFT aggregators. They allow traders to complete entire collections by purchasing numerous NFTs at the lowest prices, without the need to visit each market separately. This world is all about Web3, and NFTs will surely gain momentum in 2024.