Crypto Market Trends: Emphasis Shifts from Memecoins to DeFi, Gaming, and NFTs
The crypto market is pivoting from memecoins to focusing on DeFi, gaming, and NFTs amid a more lenient regulatory climate and impending leadership changes at the SEC.
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NFT Market Witnesses Significant Dip Amidst Overall Interest
Non-fungible token (NFT) sales continue to sink, with total sales volume dropping to $112.7 million amid economic uncertainties. Despite the downturn, new traders are entering the market, suggesting enduring appeal even as major collections like Pudgy Penguins experience significant losses.
2024 Marks a Challenging Year for the NFT Sector Amid Crypto Booms
The NFT market experienced its sharpest decline in sales and trading volumes since 2020, with a notable 19% annual downturn in trading volumes and an 18% decrease in sales, according to DappRadar. While the crypto sector grows, the NFT space struggles with valuation and participation issues.
NFT Market Sees Strong Growth in December Amid Challenges
The NFT market experienced a robust start to December, with weekly sales volumes hitting $187 million, showcasing increased investor interest. However, the period also highlighted challenges, such as notable scams and technical issues with new crypto token launches.
NFT Market Weekly Update: Trading Volume Dips Amid Blockchain Shifts
Global NFT sales dropped to $88 million this week with a 7.07% decrease, while Solana showed strong growth with a 24% increase in trading volume, challenging Ethereum’s market dominance.
Gaming NFTs Dominate Sales: DMarket Leads on Ethereum
DMarket, a gaming NFT collection, topped daily sales with $733,528, while Ethereum led overall blockchain transactions. Gaming-related NFTs showed strong performance across multiple platforms.
Binance Halts Support for Bitcoin NFTs
Binance NFT Marketplace is ending all support for Bitcoin-based NFTs starting April 18 due to declining market trends, urging users to withdraw their holdings.