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The recently ended year 2024 was the year the non-fungible token market experienced its best of times, its worst of times, and then its best of times again. The NFT market started bullish with notable happenings, including the launching of Bitcoin Puppets, a non-fungible token collection featuring a limited edition of 10,000 NFTs. Earlier in January, the Azuki NFT creator Chiru Labs introduced its Collector Status, a new way to reward collectors, adding more spice to the NFT market.
As the Azuki ecosystem grows, we’re kickstarting the flywheel that rewards our community.
⭐️ Introducing Collector Status 1.0 pic.twitter.com/DlKsQpJeCO
— Azuki (@Azuki) January 12, 2024
Magic Eden Launched NFT Reward Program
Before the end of January 2024, Magic Eden, one of the leading cross-chain non-fungible token marketplaces, launched its reward program, which enabled NFT users to earn redeemable diamonds based on their involvement in the market platform. Later the same month, the Pudgy Penguins NFT creator launched overpass licensing. Valhalla launched a keyboard in the same month, resulting in massive FUD.
The OverpassIP Beta is officially live, with two deals from @pudgypenguins for their toy line.
Learn more below. pic.twitter.com/QcC26XdlDK
— OverpassIP (@OverpassIP) January 27, 2024
The NFT market began February with the ordinal season, including the Quantum Cats mints, a non-fungible token collection that featured a limited edition of 3,333 NFTs hosted on the Bitcoin blockchain networks. Ordinals are at the center of attention, reaching new all-time highs (ATH) with NodeMonkes at 0.9 BTC floor price towards the end of the month. During this time, Yuga Labs, the creator of the Bored Ape Yacht Club, acquired Proof, the parent company behind the Moonbirds NFT collection.
Yuga Labs has acquired @PROOF_XYZ, which includes PROOF Collective, @Moonbirds, Mythics, @oddities_xyz, and @Grails exhibition series.
For more information, see the official Yuga News blog: https://t.co/ly3fTYxCBk pic.twitter.com/ouvIM4Hr4S
— Yuga Labs (@yugalabs) February 16, 2024
Before the end of February, the Bored Ape creator Yuga Labs fired Daniel Allegre, who served for less than one year and brought back Greg Solana as the new chief executive officer. During the same month, the Magic Eden NFT marketplace launched its Ethereum NFT marketplace in partnership with other NFT projects. Before February ended, the Airdrop season for top NFT communities started, with mainly Pudgy Penguin holders receiving tokens from Dymension etc.
In March 2024, Azuki entered the NFT headlines after launching Anime Foundation, which teased the $ANIME NFT coin. That same month, y00ts NFT creator Dust Labs introduced “creator nominations,” an onboarding tool for new creators into the community. Late in March, Wormhole, a cross-chain messaging protocol that allows data and digital assets to be transferred seamlessly between different blockchain networks, airdropped tokens to MadLads NFT holders.
W
Wormhole Wednesday
3-April-2024
11:30AM UTC pic.twitter.com/CjdmT1i8PE
— Wormhole (@wormhole) March 28, 2024
Punks NFT Sold For 4,000 ETH
In April 2024, Blast-based NFTs became the talk of the streets and picked up speed in anticipation of a Blur listing. A few weeks later, the CryptoPunks took over the news after an alien punk sold for over 4,000 ETH, equivalent to over $12 million. Azuki took the news desk late the same month after releasing episode 1 of the Anime Anthology Series. Before the month ends, Pacmoon (Blast meme coin) farming dominated the timeline, and NFT creators also made a bag.
In May 2024, Yuga Labs, the digital asset incubation studio managing the CryptoPunks, took the NFT timeline again after launching a weird art collection, which stirred massive fear, doubt, and uncertainty in the NFT space. Blast also appeared in the timeline after blast farming, which resulted in new ATHs for blast NFTs. Fantasy Top (Blast) trading cards made up the majority of total NFT trading volume.
Super Punk World is a 500-piece collection that is as playful as it is profound. For our Punk in Residence collaboration – @ninachanel has created hybridized 3D sculptures that blur the lines of race & gender and reflect upon virtual versus real world identities. Read more and… pic.twitter.com/rWMraMW7Km
— CryptoPunks (@cryptopunksnfts) May 20, 2024
In June 2024, the Pudgy Penguins’ parent company, Igloo, made headlines in the NFT news desks after acquiring Frame, now known as Abstract, to develop its layer two blockchain network on the Ethereum main network. During this time, the global NFT market experienced a short bull run. Unfortunately, the Blur NFT marketplace, through its Blast L2 Network, launched an airdrop, resulting in low NFT volume.
In July 2024, the sports apparel company Nike, though its RTFKT, appeared in the timeline after launching Animus, a year after mint. This same month, the global asset manager VanEck teased its Ethereum ETF with a Pudgy Penguins video, creating some frenzy in the NFT market. Before the end of July, Doodles took over the NFT timeline after teasing its “Dullsville & the Doodleverse” trailer.
OpenSea Received A Wells Notice From The SEC
In August 2024, the OpenSea NFT marketplace was the top news in the NFT space after receiving a well notice from the United States Securities and Exchange Commission (SEC) claiming all NFTs on its platform were illegal securities. But before the NFT community digests this shocking revelation, Magic Eden launched its Mint Terminal, offering some hope to NFT traders that all was going well. Before the end of the month, President Donald J Trump released his 4th edition of the NFT collection on Polygon.
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.
Cryptocurrencies have long…
— dfinzer.eth | opensea (@dfinzer) August 28, 2024
In September 2024, Dust Labs, the team behind the popular DeGods NFT collection, became the subject in the crypto news timeline after introducing $DeGods, a new 404 mechanism that lets all DeGods and y00t NFT holders burn their NFTs to acquire $DeGods NFT coins. Before the end of the month, the Magic Eden NFT marketplace became the top news in the NFT space after moving to optional royalties, thus discarding the original promise at the ETH marketplace launch.
🧵After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties on @MagicEden.
Effective later today, we will also begin running a promotion to waive our platform fees.
— Magic Eden 🪄 (@MagicEden) October 15, 2022
In October 2024, the Apechain launch was the top news after several months of incubation. This highly anticipated launch revitalized the NFT market, making NFT coin $APE and blue-chip NFTs like the Bored Ape and Mutant Ape NFT collection, rally up to 100 times. As the short bull run continued, Murad, a renowned crypto influencer released “Top NFTs of this Cycle” list, shilling “Apu Apustajas” NFTs that minted the same month.
Top NFTs of this Cycle (My Opinion)
I believe that Memecoin NFTs have a huge advantage and will dominate in 2025. pic.twitter.com/eI5kB9CTC8
— Murad 💹🧲 (@MustStopMurad) October 12, 2024
NFT Market Bull Run
In November 2024, President Donald Trump became the top news in the NFT space after taking down Kamala Harris in a highly contentious election. Trump’s win was a win in the NFT space since some NFTs had suffered attacks from the previous regime. Following Trump’s re-election, the NFT market slowly started showing new signs of life. Before the end of the month, Tensor NFT marketplace launched Vector, an app for social meme coin trading, adding a subject to the NFT news desk. Kraken closed the month’s top news after shutting down their irrelevant NFT marketplace.
BREAKING: Kraken to shutter its NFT marketplace pic.twitter.com/5Wa4ZpTOxz
— Bryptos (@Bryptos_) November 26, 2024
In December 2024, the sports apparel company Nike appeared in the timeline after closing its irrelevant NFT studio, RTFKT. Before too long, the NFT market Bull Run season officially started, with its performance-related articles dominating the crypto news dashboard. Before the end of the year, NFT projects, including Pudgy Penguins, Milady Maker, Azuki, and Doodles, teased and launched NFT coins, further fueling the NFT market bull run. NFTs folded in the year 2024 with over $8.8 billion in trading sales volume.
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