NFT Investment in 2024: Dead Cat Bounce or Real Revival?

Question

NFTs had their moment in the sun — and what a moment it was. Back in 2021, Beeple’s digital art piece went for $69.34M at Christie’s, and the BAYC collection pulled in $26.2M in a single Sotheby’s auction. Insane numbers.

Then came the crash. Trading volumes plummeted 97% from January 2022’s record $17B to September 2022. For three years, the entire NFT space looked like a graveyard.

But here’s where it gets interesting: March 2024 saw CryptoPunk 3100 sell for $16M (4,500 ETH). One massive sale? Maybe. A sign of recovery? Depends who you ask.

Three Takes on NFT’s Future

The Optimists: Anthony Georgiades (Innovating Capital) admits the PFP collections crashed hard and never came back. But he argues that quality projects survived for a reason — because people actually like digital art. His bet: utility-driven NFTs in gaming, real estate, and digital identity will be the next wave, not JPEG speculation.

The Skeptics: Ilya Stadnik (Zent CEO) is blunt: “99.9% aren’t worth considering.” The flood of low-value image NFTs won’t happen again. Real comeback? Unlikely. But niche applications? Maybe.

The Hardcore Critics: Robert Johnson (Creighton University) goes further — NFTs were never investments, just speculation vehicles. Speculators can make money, sure, but they’re playing a high-risk game, not building wealth.

The Reality Check

The 2024 NFT story isn’t about hype returning. It’s about fundamentals shifting:

Volatility stays brutal — one bad tweet can crater prices
Liquidity is a problem — unlike stocks, you can’t always cash out fast
Legal grey zones remain — ownership rights are still fuzzy in many jurisdictions
Utility matters now — pure speculation is dead (or at least, way less profitable)

Bottom line? If you’re buying NFTs for price action alone, you’re gambling. If you’re buying because you believe in the underlying technology or use case (gaming credentials, property deeds, identity verification), then maybe there’s something there. But the get-rich-quick days? Probably over.