A Deep Dive into the NFT Market 2024: What Does Ethereum's Trading Volume Exceeding $18 Billion Mean?

Do you remember the craziness of the NFT market in 2023? The trading volume of Ethereum NFTs reached 18 billion USD. Digital art, game assets, and virtual collectibles are no longer niche toys; they are now a mainstream asset class.

But the question arises: Do you really understand how the NFT market operates?

Core Differences Between the NFT Market and Traditional Exchanges

The essence of the NFT market is different from that of a cryptocurrency exchange:

• Cryptocurrency Exchange: The BTC you buy is exactly the same as the BTC I buy (homogeneous), the exchange only needs to match transactions.
• NFT Market: Each NFT is unique, engraved on the chain with a unique identifier.

This sounds simple, but the underlying technical architecture is completely different. Ethereum's ERC-721 and ERC-1155 protocols were designed to address this issue.

The multi-chain ecosystem has emerged: Polygon, Solana, and Cardano all have their own NFT ecosystems, but Ethereum is still the leader. Why? Because the big-name NFTs are concentrated here (BAYC, Azuki, ArtBlocks, etc.), and the liquidity is the best.

Key Details: The fee structures and wallet support for different chains vary significantly, so it's essential to clarify this before entering.

Overview of Major NFT Markets: Different Fees and Features

The fee war in the industry is fierce, dropping from the previous 2.5% to as low as 1% on some platforms. What does this mean? The competition in trading volume is intense, and the market is becoming increasingly mature.

Where to Buy the 2024 Popular Series

This year, it's still these few big brothers leading the way:

• Azuki: Anime-style aesthetics, floor price remains stable at a high level for a long time.
• Pudgy Penguins: Strong Twitter community, significant turnaround by the end of 2023.
• ArtBlocks: On-chain generated art that attracts professional collectors.
• Bored Ape Yacht Club: The celebrity effect is still present, but its popularity is not as high as in the previous two years.

The secret to finding the next explosive product: Focus on projects with a surge in Trading Volume + community sentiment, rather than following trends that have already been hyped.

From 0 to 1: The Complete Process of Buying and Selling NFTs

Step 1: Wallet Preparation

• Download MetaMask or other wallets
• Deposit Ethereum
• Enable 2FA and security features

Step 2: Buy

• Connect wallet to market
• Search + Filter (by popularity, price, rarity)
• Click “Buy Now” or place a bid, wallet confirmation

Step 3: Sell/Place Order

• Enter the personal asset library to select the NFT to sell
• Set a fixed price or auction
• Set the royalty percentage (if the market supports it)
• Sign Transaction

Fee Structure: Platform Fee (1-2.5%) + Ether Gas Fee (highly variable).

Security Warning: Never share your wallet private key. Seed phrases should be stored offline.

How to Participate in NFT Drops Without Getting Scammed

“Drop” is the scheduled release of a new project. Steps to participate:

1. Follow the official social media release announcements.
2. If a whitelist is required, register in advance.
3. Connect your wallet at the launch time to mint a new NFT.

Common Scams: Fake links induce you to authorize wallets, phishing links impersonating the official ones. There is only one prevention method - only click on links from the official website, do not trust those from other sources.

Creator's Perspective: How to Turn Your Work into an NFT to Make Money

For artists, the process has been simplified quite a bit:

1. Use the Mint tool to upload works (set metadata)
2. Minting on Ethereum
3. Set the royalty percentage (ensure income from every resale)

Then promote: apply for homepage recommendations, join the community, share the drop plan, collect feedback.

The key is the royalty mechanism. Once set, you profit every time this NFT changes hands. This is the most attractive aspect of digital art.

The Logic Behind Market Trends

The figure of 18 billion dollars did not come out of nowhere:

• After the crash at the end of 2022, the market entered a cleansing period.
• 2023 Recovery, indicating strong community resilience
• 2024 Outlook: Based on the macro environmental conditions (approval of Bitcoin spot ETFs, institutional entry), NFTs may迎来 “prosperous year”

But be aware that: the liquidity in the NFT market is far less than that of the cryptocurrency market, making it easy to buy but also easy to crash.

Final Suggestions

Choose the right platform (benchmark safety + fees + community), track popular series, understand the royalty mechanism, and protect your wallet—if you achieve these four points, you will avoid 90% of the pitfalls.