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- The NFT market hit a 3-year low in volume and sales count, according to DappRadar
- Top NFT collections like the Bored Apes recorded a decline in floor price
- NFT transactions were also lower compared to previous years
Blockchain analytics platform DappRadar has disclosed that the NFT market recorded its worst performance in 2024 compared to the last three years. Apart from a drop in NFTs’ floor prices, the market also registered a drop in the number of buyers, sellers, and trading volume. DappRadar also noted that rising crypto prices in 2024 made NFTs more expensive than in 2023, which may have reduced NFT collectors’ interactions with the market.
NFT Trading Volume Drops From $57B to $13B
In its “Dapp Industry Report,” which focused on the status of the Dapp industry in 2024, DappRadar revealed that the NFT market was unusually volatile in 2024. The analytics platform noted that the trading volume dropped from roughly $5.3 billion in Q1 to $1.5 billion in Q3 before increasing to $2.6 billion in Q4 2024.
The fluctuating trading volumes were also followed by a drop in the number of sales, with Q4 recording a sales count of 9.81 million compared to the 14.3 million registered in Q1. The trading volume and sales count were 19% and 18% lower than in 2023.
2024 recorded the lowest trading volume and number of sales in the last three years. The trading volume in 2021, 2022, and 2023 was $27.4, $57.2, and 16.8 billion respectively, while 2024’s volume was $13.7 billion.
9/ Compared to 2023, NFT trading volumes fell by 19%, and sales counts dropped by 18%, making 2024 one of the worst performing year since 2020. pic.twitter.com/sWlsyXPT4C
— DappRadar (@DappRadar) January 14, 2025
The sales count in 2021, 2022, and 2023 was 74.2, 121.7, and 60.6 million compared to 49.8 million in 2024.
Blur Surpassed Magic Eden and OpenSea
DappRadar disclosed that gaming-based NFTs recorded the most sales while collections like Pudgy Penguins, Bored Ape, Mutant Ape, Azuki, and CryptoPunks had the highest trading volume in that order.
Blur was the leading NFT exchange in 2024 followed by Magic Eden and OpenSea. DappRadar believes 2025 will “be a year of consolidation and innovation” and expects collectibles to “remain a cornerstone of web3.”
With the crypto market seemingly preparing for a bull run, the NFT market will likely record a higher trading volume in 2025 than in 2024.
The post DappRadar: NFT Market Hit Three-year Low in 2024 appeared first on FullyCrypto.