NFTs for Another Bull Run – Below are the key NFT trends shaping the 2024 Bull Run.

The non-fungible token market has had a tough year, which has left the majority of digital artists and collectors questioning whether digital artwork is still a viable vehicle for success. Despite recent massive declines, the NFT market has demonstrated strong market resilience and is currently on a steady pace to retest another bull market. In this article, we will look at the main NFTs over the past 12 months.

NFT market status in 2023

Despite the collection of non-fungible tokens officially appearing on the cryptocurrency market in late 2014, they have been thrust into the spotlight in 2021 following a massive bull run that has seen many NFTs sell for huge sums. The most memorable example is Christie’s auction house, which purchased the Beeple NFT collection for approximately $69 million.

By the end of 2021, the global NFT market had exploded, with brands like Gucci and D&G launching collectibles. This roller coaster culminated with the launch of the first Metaverse. The NFT market continued to thrive in the first and second quarters of 2022.

The non-fungible token market began showing visible cracks in the middle of last year after many blue-chip NFTs, such as Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, Azuki, and others, lost more than 70% of their floor prices.

Source: NonFungible.com, NFT market activity in 2023

According to industry experts, several factors contributed to the collapse of the global NFT market. The collapse of large cryptocurrency systems like FTX, whose owners filed for bankruptcy in late 2022 due to lack of liquidity and high withdrawals, was a perfect example of one of the factors that led to the recession.

In the same vein, the Terra blockchain’s cryptocurrencies, TerraUSD and LUNA, plummeted in May 2022. Both cryptocurrencies lost nearly 99% of their value, with investors losing more than $60 million. These two major events and similar crashes laid the groundwork for the NFT market collapse.

Cryptocurrency and non-fungible token fraud is another major factor that has led to the massive decline in the NFT market. It is worth noting that cryptocurrency users are willing to invest millions of dollars in the NFT sector. However, people have lost their digital assets or money overnight after accessing malicious phishing links or falling for free mint NFT scams.

Over the past few months, many investors have abandoned the NFT sector and shifted their investments to other digital assets with lower risk and less volatility. An October 2023 study by DappGambl found that 95% of NFT investments are now virtually worthless.

DappGambl, an on-chain analytics company, compiled analysis of over 73,257 NFTs, assessed market conditions, determined factors contributing to successful projects, and gained insight into the potential future of the NFT ecosystem. The market capitalization of 69,795 NFT collections out of 73,257 NFT collections fell to almost 0 Ether.

Source: DappGambl.com, 95% of NFTs are dead.

NFTs to Retest Bull Run in 2024

The non-fungible token market, which has been dormant for the past few months, appears to be coming back to life. The NFT market tested some of the hype back in November following the recent resurgence of BRC-20 NFTs, SPL-20, and newly minted NFTs on Solana.

For the first time in history, Bitcoin has surpassed Ethereum in terms of NFT market dominance, after many blue-chip NFTs lost their initial market hype. Solana has also grown in NFT market share, surpassing Ethereum to become the second most traded collection of NFTs.

Meanwhile, the NFT market appears to be on pace to retest the market hype in 2024, similar to the historic 2021 bull market. Cryptocurrency and NFT markets are expected to bounce back soon after the U.S. Securities and Exchange Commission approves applications for cryptocurrency ETFs.

Three Major NFT Trends for 2024

As the final days of 2023 approach, the horizon of the NFT world beckons us to explore promising trends and anticipate the unfolding of new possibilities. Below, we explore some of the NFT trends expected to define 2024 and provide a glimpse into the future of this dynamic and evolving space.

1. NFT art

Like all items in the NFT format, NFT art is digital art that has been tokenized on a blockchain. These NFTs can represent digital items including paintings, paintings, music, movies, poetry, or books. The fusion of innovation and artistic expression fosters steady growth, making it an ever-expanding field. NFT Art Will Decide the 2024 Bull Run

2. Metaverse’s NFT

The evolution of non-fungible tokens in the Metaverse, such as Otherdeed, The Sandbox, and Kodas, is another trend that will determine the 2024 Bull Run. The NFT-rich metaverse space is growing and offers users unique opportunities for social interaction, entertainment, and commerce. NFT-based identities, virtual assets, and experiences within the metaverse are revolutionizing the way we engage with digital environments.

3. The rise of digital fashion

In recent months, fashion has undergone a digital transformation with digital wearables and NFTs, where collectible fashion items are curated and traded on blockchain. Some fashion brands that have explored the possibilities of digital fashion include Adidas, Nike, Prada, Gucci, Burberry, and Balenciaga. The rise of digital fashion will also determine the adoption of NFTs. It’s worth noting that unlike the 2021 bull market, which explored a lot of hype and obsession, the 2024 bull market will rely heavily on utilities.

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