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The non-fungible token market has seen a rough year, which left the majority of digital artists and collectors to question whether digital artworks are still a viable avenue for success. Despite the recent massive pullback, the NFT market has showcased strong market resilience and is now on a steady pace to retest another bull run. In this article, we shall explore the state NFTs in the past twelve months.

The NFT Market Health 2023

Even though non-fungible tokens collection officially entered the crypto market sometime in late 2014, they came into the limelight in 2021 after a massive bull run that left many NFTs selling at eye-watering sums. The most memorable example is Christie’s auction house, which purchased a Beeple NFT collection for roughly $69 million.

By the end of 2021, the global NFT market exploded, and brands like Gucci and D&G launched their collectibles. This rollercoaster of events was topped by the first metaverses launched, too. The NFT market continued flourishing in the first and second quarters of 2022.

The non-fungible token market began developing notable cracks sometime in the mid-last year after many blue-chip NFTs like Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club, Azuki and more lost more than 70% of their floor price value.

Source: NonFungible.com, NFT market activity 2023

According to industry experts, several factors have contributed to the collapse of the global NFT market. The collapse of the big cryptosystems like FTX, whose owners filed for bankruptcy in late 2022, allegedly due to a lack of liquidity and many withdrawals, was a perfect example of one of the factors that caused the downturn.

In the same context, the Terra blockchain’s crypto coins TerraUSD and LUNA collapsed in May 2022. The two cryptocurrencies lost almost 99% of their value, and investors lost more than $60 million. These two major events and similar collapses set the foundation for the NFT market crash.

Crypto and non-fungible token scams are other major factors that attracted massive pullbacks in the NFT market. It’s worth noting that crypto users are willing to invest millions of dollars in the NFT sectors. However, people have lost their digital assets or money overnight after accessing malicious phishing links or falling for free mint NFT scams.

In the past couple of months, many investors have dumped the NFT sectors, shifting their investments to other low-risk and less volatile digital assets. In October 2023, a study from DappGambl found that 95% of NFT investments were nearly now worthless.

DappGambl, an on-chain analytic firm, compiled an analysis of over 73,257 NFTs, assessed their market health, determined the factors contributing to successful projects, and gained insights into the NFT ecosystem’s potential future. It found that 69,795 out of the 73,257 NFT collections have seen their market cap dropping to nearly zero Ether.

Source: DappGambl.com, 95% of NFTs are dead

NFTs To Retest A Bull Run In 2024

After a light slumber in the past several months, the non-fungible token market appears to be returning to life. The NFT market retested some hype in November following the recent resurgence of BRC-20 NFTs, SPL-20s, and freshly minted NFTs on Solana.

For the first time in history, Bitcoin outpaced Ethereum in terms of NFT market dominance after many blue-chip NFTs lost their initial market hype. Solana has also risen in NFT market share, emerging as the second most traded NFT collection, flipping Ethereum.

In the meantime, the NFT market appears on pace to retest market hype in 2024, similar to the historic 2021 bull run. The crypto and NFT markets are projected to rally again shortly after the United States Securities and Exchange Commission approves crypto ETF applications.

Three Top NFT Trends For 2024

As the final days of 2023 draw to a close, the horizon of the NFT world beckons us to explore its promising trends and anticipate the unfolding of new possibilities. Below, we will uncover some of the anticipated NFT trends that will define the year 2024 while offering a glimpse into the future of this dynamic and evolving space.

1. NFT Art

Much like any item in NFT form, NFT art is digital art that is tokenized in the blockchain. These NFTs can represent digital items, including drawings, paintings, music, film, poetry, or books. Its fusion of innovation and artistic expression propels its steadfast growth, marking it as a continuously expanding sector.NFT art will determine the 2024 Bull Run.

2. NFTs In The Metaverse

The evolution of non-fungible tokens in the Metaverse, like Otherdeed, The Sandbox and Kodas, is another trend that will determine the 2024 Bull Run. Metaverse spaces enriched with NFTs are rising, offering users unique opportunities for social interactions, entertainment, and commerce. NFT-backed identities, virtual assets, and experiences within the Metaverse are revolutionizing how we engage with digital environments.

3. Digital Fashion On Rise

In recent months, fashion has undergone a digital makeover with NFTs, where digital wearables and collectable fashion items are curated and traded on blockchain. Some fashion brands that have explored the possibilities of digital fashion include Adidas, Nike, Prada, Gucci, Burberry, and Balenciaga. The rise of digital fashion will also determine the adoption of NFTs. It’s worth noting that the 2024 bull run will largely depend on utility, unlike the 2021 bull run, which delved much into hype and obsessions.