NFT Trends in 2024

The year 2024 was largely uneventful in the traditional NFT market, as the era of explosive growth and speculation that characterized the early days of NFTs gave way to a more subdued reality, where oversaturation, reduced novelty and evolving buyer expectations reshaped the landscape. Bitcoin-based NFTs called Ordinals notably made waves in Q1.

In early 2024, Ethereum’s NFT market had trade volumes averaging ~$82M per week in January and ~$140M per week in February. However, this optimism was short-lived, as volumes began a downward trend from March onwards, with average weekly trade volumes decreasing by roughly 35% per month for the following 3 months. By June, Ethereum’s average weekly trade volume had dropped to about $33M, less than half of the weekly average at the beginning of the year.