NFTs Experience Lowest Performance Year Since 2020: DappRadar Report

According to a recent report by blockchain analytics firm DappRadar, non-fungible tokens (NFTs) had their worst year in terms of trading volume and sales in 2024 since 2020. The report, released on January 14, highlights a 19% decline in NFT trading volume from 2023, totaling $13.7 billion, and an 18% decrease in sales. The firm also noted that the increasing value of tokens has made NFTs more expensive and less accessible globally. Despite a 4% rise in trading volume in Q1 2024, reaching $5.3 billion compared to Q1 2023, volumes dropped to $1.5 billion in the third quarter, with a slight recovery to $2.6 billion in the last quarter of 2024. The report contrasts this performance with the NFT market's peak in 2022, underscoring the challenges faced by the sector.