The NFT market in 2024 experienced both highs and lows, yet it continued to impress with major events and new formats. From striking art collaborations to innovative gaming projects, the industry maintained its momentum and found new ways to capture attention. We’ve compiled some of the key developments that may have defined the NFT landscape this year.
Hexagon PFP: One Year Later
Twitter marked the first anniversary of its Hexagon PFP feature, which allows users to set NFTs as their profile pictures. This tool represented an important milestone in popularizing NFTs, strengthening their presence in social media and integrating digital assets into internet culture.
Yuga Labs’ $1 Million Prize Pool Game
Yuga Labs caught the eye of both gaming and NFT communities with “Dookey Dash: Unclogged,” a project featuring a $1 million prize pool. The initiative confirmed that NFTs can serve not only as aesthetic assets but also as engaging gaming elements capable of uniting diverse audiences.
The Rise of NFT Gaming
NFT-based games continued to gain traction thanks to new projects and updates from major players. The industry is developing new engagement tools to make users’ interactions with NFTs more dynamic.
One example is “Off the Grid” by Gunzilla Games. In November, this cyberpunk-style NFT shooter topped the free games chart on Epic Games.
Another noteworthy release was “Champions Tactics: Grimoria Chronicles” by Ubisoft. The company launched the game unexpectedly, with minimal announcements, likely to avoid criticism. Users noted its significant potential but also predicted its downfall due to numerous shortcomings.
The Sunset of Nike’s RTFKT
Nike recently announced the closure of its NFT division, RTFKT, by January 2025. According to the statement, the creators will preserve the project’s website to commemorate the brand’s legacy and its contribution to cultural evolution.
Before closing, the team will release a final collection called “BLADE DROP.” We covered more details about this previously.
Market Consolidation: From Correction to Stability
Analysts report that only 0.2% of NFT projects remain profitable, while 98% of collections show low activity or are essentially dead. This fact underscores the need for sustainable business models and innovation for the sector’s further growth.
However, many experts note a gradual revival of the industry. For instance, well-known crypto analyst Andrew Kang observed that the community’s focus is currently on meme coins, but he expects that interest to shift back. We previously discussed how NFTs will trend again soon.
What’s Next?
NFTs continue to influence not only digital art but also approaches to finance, gaming, and technology. The past year showed that despite challenges, the NFT space remains rich with events and opportunities for new ideas.
What moments in the NFT world are most memorable for you? Share them in the comments!