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The NFT ecosystem experienced a significant decline in 2024, with trading volume dropping to levels last seen in 2020. Total non-fungible token trading volume fell to $13.7 billion in 2024, marking a notable drop from $16.8 billion recorded in 2023.
NFT Market Performance in 2024
According to blockchain data, the NFT market faced persistent volatility throughout the year, leading to lower trading volumes and sales compared to previous years. Trading activity declined by 19%, while sales dropped by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, down from over 60 million in 2023.
Standout NFT Series: Pudgy Penguins
Despite the overall slump in the NFT market, one collection—Pudgy Penguins—emerged as a standout performer. The project, owned by Igloo Inc., remained resilient amid declining sales across the sector. The floor price of Pudgy Penguins, which refers to the average cost of a single piece in the collection, surged by 114% in 2024.
Pudgy Penguins’ success can be attributed to non-blockchain-related strategies, such as launching merchandise and forming partnerships with retail franchises.
Additionally, the project rewarded holders with a token airdrop of its native PENGU tokens. Pudgy Penguins has plans to expand token support to the Ethereum network and potentially build its own decentralized platform.
Top NFT Collections by Trading Volume
Pudgy Penguins’ success is a testament to the potential of NFTs in the cryptocurrency market. While the overall NFT market experienced a decline, Pudgy Penguins’ innovative strategies and token airdrop helped it stand out. As the NFT market continues to evolve, it’s essential to stay informed about the latest trends and developments.
For more news on the cryptocurrency market, including NFTs and blockchain technology, visit Global Crypto News.
