NFT projects encountered numerous setbacks in 2024, but many remain hopeful that the asset class will stage a comeback.
Non-fungible tokens (NFTs) remained an integral component in the Web3 space throughout 2024 despite some big setbacks for the asset class. Industry commentators and professionals maintain that the utility of NFTs remains intact, fueling optimism for a revival.
While media outlets have occasionally declared NFTs dead, holders continue to trade, and data tracker CryptoSlam shows that NFTs have recorded roughly $8.5 billion in sales this year.
The sales volume may be lower than in previous years, but the number of buyers increased by 62% from 4.6 million in 2023 to 7.5 million in 2024. This is also 37% more than the 5.4 million unique buyers recorded in 2022, a year widely considered the peak of NFTs. So, while volumes may be down, there is still a growing demand for the asset class.
