The Future of NFTs: Will it become BOP or FLOP in 2024?

• Non-fungible tokens (NFTs) have significantly gained the attention of netizens due to their uniqueness.
• It is remarkable to know that, besides its immense popularity, the industry is filled with rug pull scams.
• However, it is eventually important to know where the NFT industry will reach in the upcoming future.

The NFT industry has seen remarkable growth in the past few years. It has seen wide adoption in the mainstream since cryptocurrency and blockchain technologies were introduced. However, the industry is still in its initial stage.

The industry is far from realizing its true potential. Taking into consideration past years, we have seen many rug pulls and scandals that have resulted in flops and surges. While many users gave up on the market, there are still many users who remain loyal to it. 

That’s why it remains a significant question: what will be the scenario of the NFT industry in 2024?

Scenario of NFT Industry in 2024

Talking about the current scenario, we cannot deny the fact that NFTs are on the rise. People are literally crazy about these digital assets. Also, it was earlier stated that they didn’t realize their true potential. So, we can say that 2024 can be the year where they can attain immense heights and realize their full potential. But How, Let’s see: 

1. NFT Projects in 2024

The rise of NFTs can be seen in 2024 with the new projects that will open doors for new achievements for the industry. Projects like “Real Even-Shiny Gem” will lead to a rise in the popularity of these unique digital assets. Moreover, we can also see various metaverse projects like Decentraland to make NFTs accessible in their virtual world. 

2. NFT Events in 2024

The year 2024 will be the event year for the NFT industry. We can see many events such as NFT.NYC 2024 and NFT Paris 2024. NFT Paris 2024 will take place in February 2024 and you have to register for a waiting list before the official registration opens. While NFT.NYC will take place from April 3 to April 5, 2024. 

3. Higher Sales Volume

The NFT’s sales will hit $25 Billion in 2021. However, sales have dropped by over 90% since September 2021. However, the market is expected to grow by up to 30% every year, with sales volume increasing in the upcoming years. 

4. NFT Gaming

The emergence of NFTs in the gaming industry can also lead to a significant rise in the popularity of these digital assets. Polium, a Web3-based gaming company, has announced ‘Polium One,’ which will support eight blockchains and NFTs. Another project is the MMA Mobile game which will include the applicability of NFTs. 

These reasons can all play a significant role in the rise of the NFT industry in 2024. The numbers and statistics also promise bright prospects for the industry. However, as stated earlier, there are many complexities or problems that can act as a hindrance for the industry to realize its true potential. 

Well, it’s interesting to see where the craze of NFTs among people will reach in the upcoming future and what its consequences as a whole are for the industry.