In 2024, the NFT market experienced a year of ups and downs. At the beginning of the year, Ethereum, Solana and Bitcoin (Ordinals) competed in three ways, but Ethereum still dominated with the advantages of its leading NFT projects. However, incidents such as Twitter canceling NFT avatar function once caused the market to be sluggish.
January: The curtain call of the hexagonal avatar
At the beginning of 2024, the Ethereum NFT market dominated OpenSea with "retro Mickey Mouse", but Twitter canceled the NFT avatar function, marking the end of the "hexagon avatar" era. Star projects emerging this month include Pizza Ninjas and RSIC of the Bitcoin Ordinals ecosystem, Ethereum projects Tinfun and ittybits, and Solana projects CryptoUndeads.
February: ERC-404 acquisition with Yuga Labs
The "Pandora's Box" project, which is standard for the ERC-404, emerged in February, and its prices soared. At the same time, Yuga Labs acquired Moonbirds development team PROOF, further consolidating its position as an industry giant, but also sparked discussions on its future development direction.
This month’s star project: Bitcoin Ordinals project Quantum Cats.
March: Blast main network is online and Runestone airdrop
On March 1, the Blast main network was launched. The Bitcoin Ordinals ecosystem continues to be popular, and the concept of "DMT" and Runestone airdrops have attracted market attention. The huge scale of Runestone airdrops has had a profound impact on the entire Bitcoin Ordinals ecosystem. However, Starbucks' NFT loyalty program shutdown and Kevin Rose's controversy also cast a shadow on the market.
The star projects of the month: Runestone, CENTS, Plutocats and Crypto Valley.
April: Bitcoin halving with Base NFT growth
Bitcoin halving event became the focus of April, and NFTs on the Base network also showed a growth trend. XCOPY's Open Edition series "MUTATIO" issued on Base and the derived Meme token $FLIES has sparked heated discussion. The "Friends Buy and Sell" game fantasy.top on the Blast network continues to be popular.
Star projects of the month: Blob and Prometheans.
May to June: Market downturn and rebound
Starting from May, the NFT market has entered a relatively downturn. CryptoPunks floor price fell below 30 ETH, and BAYC also fell sharply, marking the darkest moment in the market. However, at the end of June, the old Ethereum blue chip NFT project rebounded and the market began to recover. Meanwhile, Abstract (formerly Frame) was acquired by Pudgy Penguins parent company Igloo and rebranded.
Star projects of this month: Writ of Passage by The Beacon and Gigabud.
End of the year: Strong recovery
End of the year, Magic Eden token $ME airdrop and Pudgy Penguins token $PENGU airdrop brought significant wealth effects, and the market recovered strongly. Azuki also confirmed that it will issue coins. At the same time, NFT is becoming increasingly popular as a cold start method for projects, and many low-priced Free Mint projects emerge. On Solana's network, the popularity of meme coins has driven the NFT market.
The Clone X project announced the suspension of operations, which is a pity. Looking ahead, the Abstract main network is about to be launched, and other emerging public chains may also bring new opportunities. AI-related NFTs and more and more coin issuing projects choose NFT as a preheating method will shape a new pattern in the future NFT market.
In short, the NFT market has undergone a transition from a downturn to a recovery in 2024, with new narratives and patterns constantly emerging, while pictures are still the core of NFT. How will you evaluate the NFT market in 2024?
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