According to a Statista survey, sales are expected to rise 41% in 2024 compared to the previous year, but this advance would be only half the growth rate of 2023 and almost 1,000 times lower than that reported in 2021.
After the sharp rise in Bitcoinwhich led the leading cryptocurrency to break all-time highs never seen before, the market loses momentum after the global NFT sales drop. Meanwhile, the Ethereum falls due to profit taking and pierces the US$3,500.
The crypto leader looked into the US$71,000 last week, rising 11.2% in the last seven days. However, April started in decline, losing 3% in the last 24 hours and is located in US$68,400. That drags the other cryptocurrencies down. In the case of Ethereum it gives up 5.1% on the day and is positioned at US$3,400 and Cardano plummets 5.5% in the same period of time and Dogecoin 5.6% does it.
NFT in free fall: Growth expected to plummet 20-fold to just 2.6% in 2028
According to a survey of StatistaNFT markets They will raise US$2.37 billion in 2024, which represents an increase of 41% compared to the previous year. Although it is a significant increase, it is only half the growth rate seen last year and almost 1,000 times less than the growth rate reported in 2021, the record year for global NFT sales.
Although revenue from NFT marketplaces is still expected to see double-digit growth, the market is losing momentum. According to data presented by AltIndex.comthe annual growth rate in the NFT market is expected fall to just 2.6% by 2028.
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Getting closer to the halving: how does it impact the market?
One of the main reasons behind this bullish trend in recent weeks, which led to Bitcoin to step on the US$71,000is the anticipation around the next reductionscheduled for April 19th. Analysts highlight that the halvinga scheduled event that halves the leading crypto’s miner rewards, has proven to be a major catalyst in the past, influencing price and market dynamics.
Furthermore, it should be noted that the introduction of financial products Like the Bitcoin ETF has opened new avenues for institutional investment, which could lead to greater market adoption and stability.
Source: Ambito
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