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NFT trading plummeted in 2024, falling 19% in volume and 18% in sales, with prices and volatility on the rise.
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Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on non-fungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.
In this week’s newsletter, non-fungible tokens (NFTs) remain a hot topic as a DappRadar report revealed 2024 was the worst-performing year for NFTs since 2020, check out why the CryptoPunks NFT floor price pumped by 13% amid rumors of a sale and read about Indian Railways passengers getting NFT tickets on their journey to the MahaKumbh Mela festival.
NFTs just had their worst performing year since 2020: DappRadar
On Jan. 14, DappRadar released its 2024 Dapp Industry Report, which revealed that 2024 was the worst year for NFT trading volume and sales since 2020, marred by rising token prices and market volatility.
The report said that NFT trading volumes over the last year fell 19% from 2023 to $13.7 billion, while sales counts crumbled 18% to under just 50 million due to NFTs being “generally more expensive in 2024.”
DappRadar data showed that 2022 was the best-ever year for NFTs, when they first entered mainstream perception and trading volumes broke $57 billion with over 121 million NFT market sales.
CryptoPunks NFT floor price spikes 13% on rumors of IP sale
Rumors of selling CryptoPunks’ intellectual property (IP) rights circulated on X after Wale.moca, a researcher from NFT firm Azuki, cited “several sources close to the matter” in a Jan. 14 post.
The rumor that CryptoPunks’ creator, Yuga Labs, might be setting up to sell the IP of the NFT collection triggered a market pump, resulting in a 13% rise in the floor price of CryptoPunks NFTs.
While Wale.moca did not mention a buyer, they said the acquisition would not be by a “major Web2 brand” or another “big existing NFT company,” such as Azuki or Pudgy Penguins.
Indian Railways to issue NFT tickets on Polygon for rare festival
On Jan. 13, Chaincode Consulting, a blockchain firm, announced a partnership with Indian Railways Catering and Tourism to issue NFT-based train tickets to all passengers traveling to MahaKumbh Mela.
Those passengers traveling to the Hindu festival and pilgrimage — held once every 144 years — will receive NFTs minted on the Polygon blockchain that are accessible on the real-world assets and traceability platform NFTtrace.
Alok Gupta, CEO of Chaincode Consulting, said the partnership would enable “a digital-first experience that complements the spiritual and traditional significance of the Mahakumbh.”
This article first appeared at Cointelegraph.com News
