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Author: EZRA Reguerra, Cointelegraph; Compilation: Deng Tong, Bitchain Vision Realm
Although the category of the assets encountered some major setbacks, non -homogeneous token (NFT) was still an indispensable part of the Web3 field in 2024.Industry commentators and professionals insist that the effectiveness of NFT is still intact, which brings optimism to recovery.
Although the media occasionally announced that the NFT is dead, the holder is still continuing to trade, and the data tracker Cryptoslam is displayed.NFT’s sales this year are about $ 8.5 billion.
The sales volume may be lower than previous years, but the number of buyers increased from 4.6 million in 2023 to 7.5 million in 2024, an increase of 62%.This is also 37%higher than the 5.4 million independent buyers recorded in 2022. This year was widely considered to be the pinnacle of NFT.Therefore, although the transaction volume may decline, the demand for the asset category is still increasing.
Although this field has always existed, it is undeniable thatNFT holders have been hit hard this year. From the decline of seven consecutive months and the withdrawal from major projects, to the US Securities and Exchange Commission issued a Wells notification to the NFT project.
In 2024, the NFT project was severely frustrated
In January this year, the social media platform X canceled its support for NFT. In the previous year, the platform allowed paid users to link NFT to their personal information pictures.One community member claimed that this was the “bottom line” of NFT, and the other said that this was the “another stain” of the industry.
Some people question the decision to delete the function, thinking that it provides users with true practicality, and proposes the problem of robot accounts and scammers.A community member said that NFT’s personal information picture allows users to confirm that the person they are interacting with them are real.
In the same month, Gamestop, a video game retailer, announced that it would close its NFT market because the US supervision was unclear.
American Gaming Company Drackings also took similar measures in July. The company closed its NFT business on the grounds of “legal development”, including its Reignmakers series and market.
In addition, the second -level blockchain IMMUTable and cryptocurrency exchanges closed its NFT markets in August and November, respectively.
In December, Nike’s NFT project RTFKT announced that it would stop operation in January 2025.
SEC issues Wells notification to NFT entities
SEC increased its attention to NFT in 2024.On August 28, Devin Finzer, CEO of Opensea, said in X post that the securities regulatory agency issued a Wells notification to the NFT trading platform.
Wells notification is a formal notice issued by the SEC, saying that it is considering adopting law enforcement operations on a entity.The notice shows that the agency has completed the investigation and discovered evidence that may violate the securities law.
FINZER said that SEC accused NFT on Opensea as unregistered securities.The executive said that the market has prepared to fight any law enforcement operations of the agency and adds that the SEC will “stifle innovation” for NFT in a larger scale, so that artists and creative personnel will face risks.
On December 16, the NFT platform Cyberkongz received the SEC Wells notification.The Cyberkongz team said the problem stemmed from the selling Genes Kongz NFT in 2021.
The project stated that the SEC contacted it with “worrying words”, saying that Tenki could not be used for blockchain games without registered as securities.Cyberkongz said that SEC’s position may have a profound impact on the blockchain game and promise to objection to these allegations.
NFT faced seven months of downturn in 2024
NFT sales reflect the wider challenges of 2024.The monthly sales in March reached 1.6 billion US dollars, thanks to these three most popular digital collection blockchains on Ethereum, Bitcoin and Solana.
However, the market has declined steadily,NFTIn September, it hit a record low, and monthly sales fell below $ 300 million since 2021.The total number of NFT transactions also dropped from 7.3 million in August to 4.9 million in September.
After the market fell to the lowest point,NFT reversed the trend in October, an increase of 18%, with sales of about 356 million US dollars.In October, NFT -based NFT also set a milestone of $ 6 billion in historical sales.
The performance in November was even stronger, and the monthly sales of NFT reached 562 million US dollars, the highest level in six months.Later this year, the recovery of NFT assets was once again been promoted by Ethereum, Bitcoin and Solana.
2025 NFT forecast
Although some people may have given up NFT, professionals working in this field have various theories for their possible return.
Jana Bertram, the strategic director of the RARI Foundation, stated in a episode of Hashing It Out that NFT may return in different forms. He acknowledged that the transaction volume was declining, but he believed that this technology was still valuable.
Bertram thinksNFT can be extended to digital art and collectibles, and extended to actual applications such as authentication, ownership records, and medical care documents.
When asked about the prospects of Bitcoin NFT in 2025, OKX Global Chief Business Officer Lennix Lai said that these assets are entering a new stage of growth.He shared that their transaction data reflected the recovery. From October to November, Ordinals’ transaction volume increased by 55%.He said:
“We saw encouraging signs of adoption -from the first Bitcoin -supported jewelry brand JVRN, which launched the Ordinals series, to other well -known artists who chose to engrave their works on the world’s first blockchain.”
LAI also shared that they are launching the Ordinals startup to enable creators to release, engraved and traded collectibles on Bitcoin.”With these foundations and a wider market, we believe that the Bitcoin NFT movement is still in the early stage and has huge growth potential in the future,” Lai said.
At the same time, Yat Siu, executive chairman of Animoca Brands, pointed out that the NFT market will become greater than 2021 and 2022.He believes that with the growth of the encryption market, each component in the web3 space will grow:
“Standard Chartered Bank predicts that by 2026, the encryption market may reach $ 10 trillion. If this is true, then everything will be better. This means that from the current market transaction volume of NFT, I think it is a monthly transactionThe amount will exceed billions of dollars because the entire market is growing. “
