Non-Fungible Tokens (NFTs) are unique digital assets recorded on a blockchain. So what will be the NFT trend for 2024? The outstanding properties of NFTs are due to their high security and strong protection against theft. The history of NFTs dates back to 2014, when Kevin McCoy and Anil Dash created Quantum, the first NFT.
NFT transactions increased from $82 million in 2020 to $17 billion in 2021. NFT has become Collins Dictionary’s word of the year for 2021. This year will be remembered as the first year NFTs became known to the public. Will the NFT market in 2024 record returns similar to the NFT rally in 2021?
How was the 2021 NFT rally?
In the first six months of 2021, the NFT space generated a record $2.5 billion in transactions. That all changed in the third quarter, when the NFT market exploded to $10.7 billion due to strong communities, teams, and utility factors. Projects like Art Blocks, CyberKongz, Loot, and Cool Cats have impacted the NFT market.
2021 has become the year that more of the public begins to take interest in NFTs. It has been said that NFTs will make a big rebound in 2024. Will the NFT market see an NFT rally again in 2021? Or will we take a gradual recovery path like in 2023?
Current NFT market
Currently, the global NFT market capitalization is $69.76 billion. The NFT market is expected to change in 2024. Despite the ongoing decline and negative backdrop, the NFT space is expected to generate approximately $2.378 billion in revenue in 2024. With so many new changes, the NFT market has a lot to witness. of new trends. Mentioning some of the NFT boosters, we see that Metaverse tops the list! The global metaverse market size is growing at a good rate with a compound annual growth rate (CAGR) of 47.2% from 2023 to 2027. The Metaverse NFT marketplace will provide creators, artists, and gamers with the opportunity to make money from their digital creations.
2023 will also see an increase in NFT aggregators. This allows traders to purchase many NFTs at the lowest price to complete their entire collection without having to visit each market separately. This world is all about Web3 and NFTs will definitely gain momentum in 2024.