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The non-fungible token (NFT) market experienced dynamic changes in 2024, reaching an impressive total sales value of $8,8 billion. The year brought both spectacular highs and painful lows, but ultimately ended with positive dynamics. Here are the key events and predictions for the upcoming year 2025.

Key Events of the NFT Market in 2024

Ups and Downs in the First Half of the Year

The beginning of 2024 was incredibly promising for the NFT market. In the first quarter, transaction volume reached over $4,1 billion, mainly due to the resurgence of Bitcoin-based NFTs. However, the market ran into difficulties in the second quarter:

  • April 2024: Transaction volume fell to $1,2 billion, down $205 million from the previous month.
  • May and June 2024: The market continued to decline, reaching $599 million and $436 million, respectively.

A difficult third quarter

In the third quarter, the situation worsened. July brought volume of $428 million, and September closed at $303 million. The difficulties of the market were influenced by, among others:

  • Regulatory Actions: The US SEC has issued notices to OpenSea and other platforms, accusing them of illegal activities and classifying NFTs as securities.

Recovery in the Fourth Half of the Year

The NFT market rebounded in the fourth quarter:

  • October 2024: Donald Trump's re-election boosted trading volume to over $500 million.
  • December 2024: The market ended the year with an impressive result of almost $1 billion in December volume.

Forecasts for 2025

Experts predict that 2025 could be a record year for the NFT market. Industry leaders like Yat Siu of Animoca Brands expect a bull market on a scale that will exceed 2021-2022, when monthly volumes hovered between $1 billion and $5 billion.

NFT Market Drivers in 2025

  1. Donald Trump's Re-election: Trump vows to make the US the ‘crypto capital of the world.’ His policies could create friendly regulations for NFTs and cryptocurrencies.
  2. Advances in AI: Artificial intelligence (AI) is driving innovation in the NFT space, including:
    • AI agents in NFT trading.
    • Launchpad platforms for NFTs.
    • New investment opportunities in AI agent-linked coins.
  3. New Blockchain Networks: The planned launches of Berachain, Monad, Abstract, and Sonium could drive interest in NFTs through new technological opportunities.
  4. Token Airdrops: Projects like OpenSea and Azuki are planning airdrops, which will attract a new wave of users and investors.
  5. Bitcoin Value Increase: Predictions pointing to Bitcoin rising above $150 may affect the rotation of investments to NFTs.

Market Perspectives

January 2025, typically a hot period for the NFT market, could see the start of a new bull market. Patterns from previous years suggest a repeat of the uptrends.

Summation

2024 was a year of challenges and successes for the NFT market. The re-election of Donald Trump, advances in artificial intelligence, and planned innovations in the blockchain ecosystem create a solid foundation for further market development in 2025. The expected increase in interest in NFTs and new records in transaction volumes could make the coming year a breakthrough for this industry.

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