NFT’s worst year since 2020, CryptoPunks pump 13%: Nifty Newsletter
The NFT market had a tough year in 2024, marking its worst performance since 2020. According to a report by DappRadar, NFT trading volumes fell by 19%, dropping to $13.7 billion, while sales counts also plummeted 18%, dipping below 50 million. This decline can be attributed to the increasing prices of NFTs, which made them less accessible, resulting in reduced trading activity and volatility. The best year for NFTs was 2022, when the market saw a massive surge with over $57 billion in trading volumes.
The overall decline, CryptoPunks, one of the most iconic NFT collections, experienced a 13% surge in its floor price. This increase was triggered by rumors of Yuga Labs, the creator of CryptoPunks, potentially selling the collection’s intellectual property (IP) rights. These rumors, circulated by Wale.moca from Azuki, led to speculation that the IP might be sold to a party outside of major Web2 brands or existing NFT companies.
In other NFT news, Indian Railways partnered with Chaincode Consulting to issue NFT-based tickets for passengers traveling to the MahaKumbh Mela, a significant Hindu pilgrimage held once every 144 years. These tickets will be minted on the Polygon blockchain, offering a digital-first experience for passengers, blending the traditional and spiritual with cutting-edge technology.
The NFT market continues to face challenges, but these developments, particularly with high-profile projects like CryptoPunks and innovative use cases in industries like travel, show that there’s still significant interest in the space.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR