As 2024 comes to a close, the NFT market has experienced a rollercoaster of events, from significant milestones to disappointing setbacks. In this review, we’ll take a look at the key happenings that shaped the NFT landscape over the past 12 months.
A Three-Way NFT World
In December 2023, Solana’s NFT market briefly surpassed Ethereum’s, marking the beginning of a three-way NFT world between Ethereum, Solana, and Bitcoin (Ordinals). However, Ethereum ultimately reasserted its dominance, with top NFT projects and a strong player base.
Notable Events and Trends
* January: Ethereum NFTs kicked off the year with “Retro Mickey Mouse,” while Twitter canceled NFT avatars, signaling a lack of mainstream interest. * February: The concept of “coin-in-one” gained traction, with ERC-404’s “Pandora’s Box” becoming a star project. Yuga Labs acquired PROOF, solidifying its position as an NFT giant. * March: Bitcoin Ordinals rose to prominence, with the launch of Blast mainnet and the success of projects like Runestone and CENTS. * April: Meme tokens like $FLIES gained popularity, while fantasy.top’s “friend buying and selling” game remained popular on Blast. * May: The NFT market entered a relatively deserted stage, with few notable events. * June: The established Ethereum blue-chip NFT project rebounded, with CryptoPunks, BAYC, and Pudgy Penguins experiencing significant price increases. * July-September: The market saw a surge in popularity of Free Mint projects with token airdrops, as well as the rise of meme coins driving NFT series on Solana. * October-December: The wealth creation effect of the $PENGU airdrop boosted Doodles, Azuki, and Cool Cats, while new star projects emerged, such as Abstract’s On-chain Heroes and Fukuhedrons on the Bitcoin network.
Looking Ahead to 2025
As the NFT market continues to evolve, we can expect new opportunities to arise, including:
* The launch of Abstract’s mainnet in January * Potential token airdrops on Monad, Berachain, and Story * The growth of AI-related NFTs * Increased adoption of NFTs as a preheating method for currency issuance projects * Further development of Bitcoin’s NFT ecosystem
While the concept of NFT may be outdated, the things we like to play with remain the same – pictures. As the NFT market continues to grow and change, one thing is certain: there will always be new and exciting projects to discover.
Source: M.theblockbeats.info
