The NFT ecosystem experienced its worst year in terms of trading volume in 2024, with trades dropping to levels last seen in 2020.
According to blockchain data provider DappRadar, total non-fungible token trading volume fell to $13.7 billion in 2024, marking a significant drop from $16.8 billion recorded in 2023.
The report highlighted that the NFT market faced persistent volatility throughout the year, leading to lower trading volumes and sales compared to previous years. Trading activity declined by 19%, while sales dropped by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, down from over 60 million in 2023.
Standout NFT series: Pudgy Penguins
Despite the overall slump in the NFT market, one collection—Pudgy Penguins—emerged as a standout performer. According to DappRadar, the project, owned by Igloo Inc., remained resilient amid declining sales across the sector.
The floor price of Pudgy Penguins, which refers to the average cost of a single piece in the collection, surged by 114% in 2024.
The report credited Pudgy Penguins’ success to non-blockchain-related strategies, such as launching merchandise and forming partnerships with retail franchises. Additionally, the project rewarded holders with a Solana (SOL) token airdrop of its native PENGU (PENGU) tokens. Pudgy Penguins has plans to expand token support to the Ethereum network and potentially build its own decentralized platform.