A fading trend or a market reboot? » The Merkle News

In October 2024, the once booming NFT market appears to be entering a new phase.

After a meteoric rise in 2022 that saw projects like Bored Ape Yacht Club and CryptoPunks gross millions of dollars, NFT sales worldwide have fallen to just $100 million.

This decline highlights a significant change from the hectic trading days of early 2022 and has many wondering whether NFTs are just a fading fad or whether the market is stabilizing into a new normal.

NFTs: A Fading Fad?

As October 2024 begins, the NFT frenzy has fizzled out and global sales have fallen to just $100 million.

Just two years ago, NFTs like Bored Ape Yacht Club and CryptoPunks were fetching millions, demonstrating a dramatic shift in the market… pic.twitter.com/YHlVZtbodZ

— Kyledoops (@kyledoops) October 10, 2024

The decline in the third quarter of 2024 underscores this downturn. NFT trading volume fell to $1.6 billion – a staggering 60% decline from the second quarter – while total sales fell to 11.5 million, a 23% decline. This sharp decline is causing many in the industry to re-evaluate the future of NFTs and consider whether the hype will reignite or the market will simply calm down.

🚨UPDATE: #NFT Market decline in the third quarter of 2024🔻

– Trading volume fell to $1.6 billion, down 60% from the second quarter.
– NFT sales fell to 11.5 million, a decline of 23%.

Significant decline compared to the strong performance in the second quarter. pic.twitter.com/qcTEoEtqL1

— Bitinning (@bitinning) October 11, 2024

Opensea is regaining fame despite the general downward trend in NFTs

Despite the downturn, @opensea has reclaimed its crown as the leading NFT platform after suffering a slump earlier this year. The platform’s resurgence contrasts with Blur, whose trading volume plummeted by 78% after airdrop rewards ended. Magic Eden, another major player, lost significant traction after its decision to scrap royalties, further reflecting turmoil in the market.

.@opensea has regained its position as the leading NFT platform after a period of decline earlier this year.

Blur’s volume fell 78% when airdrop rewards ended, and Magic Eden lost traction after royalties were removed.@Element_Marketmeanwhile remained stable. pic.twitter.com/63W4AiyMKs

— Satoshi Club (@esatoshiclub) October 11, 2024

As the NFT space grapples with these challenges, the key question remains: Will interest rebound or will NFTs slowly become a niche market? At the moment the enthusiasm seems to have died down, but as with many aspects of cryptocurrency, the market can change quickly. Whether NFTs will regain their former glory remains to be seen, but the current situation suggests that the days of multi-million dollar sales are behind us – at least for now.

NFT trading volumes have remained relatively flat since July.

Will there be a resurgence? Or is the market establishing itself in a new normal? pic.twitter.com/Hm47TcrqO5

— IntoTheBlock (@intotheblock) October 10, 2024

Disclosure: This is not trading or investment advice. Always do your research before purchasing NFTs or cryptocurrencies.

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