The non-fungible token (NFT) market experienced its worst performance in four years in 2024, with trading volumes and sales declining by 19% and 18%, respectively. The decline in interest in NFTs since 2022 has led to many collections selling for record prices plummeting to all-time lows. A study found that a majority of NFTs minted in 2024 had no trading activity since September, indicating oversaturation in the market. Among the top five NFT collections, only one saw an increase in trading volume, while the rest experienced declines. Experts suggest that NFT platforms need to integrate interactive incentives, foster a sense of community ownership, incorporate social elements, and engage in cross-industry collaborations to reverse the declining trading volumes.



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