The non-fungible token (NFT) market experienced its worst performance in four years in 2024, with trading volumes and sales down 19% and 18%, respectively. Dappradar data shows that while the 2024 NFT trading volume of $13.7 billion dwarfs the $74 million recorded in 2020, it’s four times less than the $57.2 billion registered in 2022.

Interest in NFTs has gradually declined since peaking in 2022. Many collections that sold for record prices have plummeted to all-time lows. A recent Bitcoin.com News report stated that many NFTs minted in 2024 had no matching demand. Furthermore, an NFT Evening study suggests that the drop in value of newly minted collections points to oversaturation.

This study found that a large majority (98%) of 2024 NFTs had not seen any trading activity since September 2024, evidencing oversaturation. These findings are seemingly corroborated by Dappradar’s report, which points to a short-lived surge.

“Early in the year, trading volumes surged to approximately $5.3 billion in Q1, marking a 4% increase compared to Q1 2023,” the Dappradar report explains. “However, this momentum was short-lived, as volumes dropped to $1.5 billion in Q3 before rebounding to $2.6 billion in Q4.”

Among the top five NFT collections, only Pudgy Penguins (141%) saw their yearly volume grow. The remaining top five collections namely Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki and Crypto Punks all saw their respective volumes decline by 51%, 57%, 46% and 42% respectively.

Meanwhile, a panel of experts interviewed by Bitcoin.com News believes NFT issuers will need to get more creative to reverse months of declining trading volumes. Alex Casassovici, founder of Azarus, argues that NFT platforms can reignite user interest by integrating interactive incentives and fostering a sense of community ownership.

Casassovici points to Blur, which dethroned Opensea as the number one NFT platform, using gamified engagement to drive user adoption and retention. He emphasizes the need for both gamification and incentives to transform platforms into “ecosystems where users feel valued and invested in the community’s success.”

Paul Thomas, CEO and founder of Somnia, said he favors incorporating more social elements into NFT platforms. He argues that this is especially important “as NFTs become more about utility and less about speculation.” Sander Görtjes, co-founder and CEO of Hello Labs, suggests “defragmentation” of goods, or tokenized assets, as a strategy for NFT platforms to “re-engage audiences lost in the past few years.”

Hong Yea, co-founder and CEO of GRVT, urges NFT platforms to consider cross-industry collaborations to engage broader audiences and bridge cultural gaps. However, Yea, who also offers three additional recommendations, acknowledges that the success of these strategies will depend on key factors.

“Ultimately, sustained adoption hinges on creating tangible value for users, forging connections between NFTs and culture, and embracing innovations that address the evolving needs of the community,” Yea said.

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