DappRadar: NFTs mark worst trading year since 2020

The NFT ecosystem experienced its worst year in terms of trading volume in 2024, with trades dropping to levels last seen in 2020.

According to blockchain data provider DappRadar, total non-fungible token trading volume fell to $13.7 billion in 2024, marking a significant drop from $16.8 billion recorded in 2023.

The report highlighted that the NFT market faced persistent volatility throughout the year, leading to lower trading volumes and sales compared to previous years. Trading activity declined by 19%, while sales dropped by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, down from over 60 million in 2023.


DappRadar: NFTs mark worst trading year since 2020 - 1
Annual NFT trading volume | Source: DappRadar

Standout NFT series: Pudgy Penguins

Despite the overall slump in the NFT market, one collection—Pudgy Penguins—emerged as a standout performer. According to DappRadar, the project, owned by Igloo Inc., remained resilient amid declining sales across the sector.

The floor price of Pudgy Penguins, which refers to the average cost of a single piece in the collection, surged by 114% in 2024.

The report credited Pudgy Penguins’ success to non-blockchain-related strategies, such as launching merchandise and forming partnerships with retail franchises. Additionally, the project rewarded holders with a Solana (SOL) token airdrop of its native PENGU (PENGU) tokens. Pudgy Penguins has plans to expand token support to the Ethereum network and potentially build its own decentralized platform.


DappRadar: NFTs mark worst trading year since 2020 - 2
Top NFT collections by trading volume | Source: DappRadar

Related Posts

Bitcoin ETFs face slowdown as Trump’s crypto executive order falls short on BTC-specific strategic reserve

Inflows into spot Bitcoin ETFs in the U.S. remained sluggish on Jan. 23 as President Donald Trump’s efforts to form a working group on digital assets under an executive order…

Ross Ulbricht tweets again after 11 Years, ROSS token declines after surge

After being pardoned by President Trump, Ross Ulbricht tweeted for the first time in over 11 years, expressing gratitude for second chances and support, while his associated cryptocurrency token experienced…

Leave a Reply

Your email address will not be published. Required fields are marked *