NFT Market in 2024
NFT market status — crash, surviving projects, new applications, gaming NFT.
NFT market experienced a dramatic drop from its 2021-2022 peak, but surviving projects and new applications show the path forward.
Peak and decline:
•2021-22 peak: $25B+ monthly NFT volume
•Bored Ape Yacht Club (BAYC) floor: 150 ETH ($420k)
•2023-24: volume drop 95%+
•BAYC floor: 10-15 ETH
Surviving blue-chip projects:
•Bored Ape Yacht Club — community and IP strong
•CryptoPunks (Larva Labs/Yuga) — historical significance
•Pudgy Penguins — Walmart toys, licensing
•Azuki — Anime art, Japan fanbase
•Art Blocks — generative art
New applications (post-speculative):
•Gaming items — Illuvium, Star Atlas
•Ticketing — NFT tickets, anti-scalping
•Music — Royal.io, Sound.xyz (musicians sell shares)
•RWA NFT — tokenized real estate as NFT
•Soulbound tokens — non-transferable credentials
Ordinalsona Bitcoin:
•NFT inscriptions directly on BTC
•2023-2024 Ordinals NFT boom (Taproot)
•Bitcoin Frogs, NodeMonkes projects
NFT future:
•Speculative JPEG era — past
•Utility and licensing — future
•Gaming items and digital ownership — killer use case
•Account abstraction → easier NFT onboarding