The NFT ecosystem experienced its worst year in terms of trading volume in 2024, with trades dropping to levels last seen in 2020.
According to blockchain data provider DappRadar, the total trading volume of non-fungible tokens fell to $13.7 billion in 2024, marking a significant decline from $16.8 billion recorded in 2023.
U report highlighted that the NFT market faced persistent volatility throughout the year, leading to lower trading volumes and sales compared to previous years. Business activity decreased by 19%, while sales decreased by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, from more than 60 million in 2023.
Outstanding NFT Series: Pudgy Penguins
Despite the general slump in the NFT market, one collection – Pudgy Penguins – emerged as a standout performer. According to DappRadar, the project, owned by Igloo Inc., has been resistant to the decline in sales in the sector.
The price of the floor of Pudgy Penguins, which refers to the average cost of a single piece in the collection, increased by 114% in 2024.
The report credited Pudgy Penguins’ success to non-blockchain-related strategies, such as launching merchandise and forming partnerships with retail franchises. In addition, the project awarded the holders with a Solana (SOL) token airdrop of its native PENGU (COMMITMENTS) tokens. Pudgy Penguins plans to expand token support to the Ethereum network and potentially build its own decentralized platform.
