NFTs have faced challenges in 2024 but have remained relevant in the Web3 ecosystem.
Despite a decline in sales compared to previous years, the number of unique buyers has increased significantly.
NFT holders and creators have faced setbacks, including a prolonged market downturn and increased regulatory scrutiny from the SEC.
However, there are signs of market recovery, with sales volumes increasing in October and November.
Industry professionals are optimistic about the potential for NFTs to expand beyond digital art and collectibles, with practical applications in areas such as identity verification and healthcare documentation.
There is also potential for growth in the Bitcoin NFT ecosystem, driven by emerging use cases and the overall growth of the crypto market.