The NFT ecosystem had its worst year in terms of trading volume in 2024, with trades falling to levels last seen in 2020.

According to blockchain data provider DappRadar, the total trading volume of non-fungible tokens fell to $13.7 billion in 2024, representing a significant decline from the $16.8 billion recorded in 2023.

the a report He pointed out that the NFT market faced continuous fluctuations throughout the year, which led to lower trading volumes and sales compared to previous years. Trading activity fell by 19%, while sales fell by 18% year-on-year. Total NFT sales fell to 49.8 million in 2024, down from more than 60 million in 2023.

Premium NFT Series: Pudgy Penguins

Despite the overall stagnation in the NFT market, one group – Pudgy Penguins – has emerged as a standout performer. According to DappRadar, the venture, owned by Igloo Inc, has remained resilient amid declining sales across the sector.

The bottom price of Pudgy Penguins, which refers to the average cost of one piece in the set, rose 114% in 2024.

The report attributed Pudgy Penguins' success to non-blockchain strategies, such as launching merchandise and forming partnerships with retail franchises. In addition, the project rewarded its holders with Solana (Sol(Original PENGU Airdrop Code)Pledges) Symbols. Pudgy Penguins has plans to expand token support for the Ethereum network and possibly build its own decentralized platform.