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The non-fungible token (NFT) market appears to have lost out on significant gains in the past year despite a broader rally in the digital asset industry. In fact, the NFT market faced its weakest performance since 2020 in the year 2024. NFTs Face Major Setbacks in 2024 According to DappRadar’s latest edition of ‘Dapp Industry Report,’ despite an initial boost in trading volumes, reaching $5.3 billion in the first quarter, the NFT market struggled to maintain this momentum. By the third quarter, volumes had dropped dramatically to $1.5 billion, though there was a partial recovery to $2.6 billion in the fourth quarter. This volatility was accompanied by a decline in sales numbers compared to 2023, suggesting that NFTs were sold at higher prices, likely due to rising token values like ETH. Overall, the year ended with a 19% reduction in trading volume and an 18% decrease in sales. “NFTs had one of their weakest years since 2020 in both trading volume and sales count. Perhaps 2024 helped us realize that NFTs don’t need to be expensive to prove their importance in the broader Web3 ecosystem.” Interestingly, the gaming sector has emerged as the dominant force in NFT sales, as indicated by the leading collections in terms of sales count. This trend highlighted the growing integration of NFTs in the gaming industry, where they facilitate true ownership of digital assets and promote player-driven economies. Blur vs OpenSea Blur held its position as the leading NFT marketplace for most of 2024, except during the third quarter. By the fourth quarter, Blur and OpenSea were closely matched in market share. Blur’s rise was fueled by its strategic airdrop campaigns and a zero-fee trading policy that attracted cost-sensitive traders. OpenSea, however, had a challenging year. The US Securities and Exchange Commission (SEC) issued a Wells Notice to OpenSea in August 2024, raising concerns about unregistered securities. This regulatory pressure, coupled with a declining market and intense competition, prompted OpenSea to announce significant layoffs in November, reducing its workforce by 56%. The company is now focusing on “OpenSea 2.0” to regain its competitive edge, with indications of a potential token launch. Meanwhile, Magic Eden outpaced OpenSea in performance. Initially a Solana-focused platform, Magic Eden expanded to support Ethereum, Polygon, Bitcoin, and newer networks like Base and Arbitrum. On December 10, 2024, Magic Eden launched its ME token and conducted a $700 million airdrop to strengthen its ecosystem. The post NFTs Endure One of Their Weakest Years Since 2020 in Trading and Sales appeared first on CryptoPotato .
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New Ethereum Layer-2 Scaler Soars to Top of Santiment’s Rankings of ERC-20 Coins by Development Activity
A relatively new Ethereum ( ETH ) layer-2 scaling solution has soared to the top of Santiment’s rankings of ERC-20 coins in terms of recent development activity. The crypto analytics firm notes that Starknet ( STRK ) clocked 401.97 notable GitHub events over the past 30 days. Starknet is a decentralized validity rollup, otherwise known as a zero-knowledge (ZK) roll-up. Rollups are solutions that execute transactions outside of Ethereum’s blockchain but record the transactional data. The project launched its token last February. STRK is trading at $0.455 at time of writing. The 119th-ranked crypto asset by market cap is up more than 7% in the past 24 hours. Starknet surged past last month’s most-developed project, the decentralized oracle network Chainlink ( LINK ), which registered 311.57 notable GitHub events. Ethereum itself was third, with 219.13 events. An ERC-20 project is a standard that developers use to issue tokens on the Ethereum blockchain. Santiment notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.” The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests a given project is less likely to be an exit scam. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post New Ethereum Layer-2 Scaler Soars to Top of Santiment’s Rankings of ERC-20 Coins by Development Activity appeared first on The Daily Hodl . Crypto Potato
Whale Acquires 1.27 Million TRUMP Tokens for $14.18 Million Amidst Impressive 151% Profit Surge
On January 19, Market Insights unveiled a significant transaction in the cryptocurrency space, revealing that an on-chain analyst, Yu Jin, noted a major acquisition of TRUMP tokens. A prominent whale Crypto Potato
