The Year in NFTs: Bitcoin Ordinals Boom, Airdrop Craze, and Brands Come and Go

The year began on shaky ground for NFTs, with major collections struggling to maintain value amid a persistently bearish sentiment. Floor prices dipped across the board as trading volumes waned, leaving many to question whether the NFT market could rebound.

Yet, as the year progressed into the final quarter, new bullishness in the broader cryptocurrency market set the stage for a late-year resurgence. Keep your expectations in check. It wasn’t a 2021/2022-like gold rush, but the vibe shift was welcomed by the NFT faithful.

Leading the charge was Pudgy Penguins, a once-declining collection that blossomed under new ownership starting in 2022, and hit new all-time highs above $100,000 in anticipation of its token airdrop.

This revitalization came as NFT marketplace competition intensified in 2024. Platforms like Magic Eden, Blur, and OpenSea battled for dominance,…