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NFT-related tokens outperformed all other crypto sectors in Q2 2024, surging 55.4% on average despite declining dollar-denominated trading volumes. The Pudgy Penguins’ PENGU token led the rally with a 380% gain, while broader NFT marketplace activity slumped to multi-year lows.
- PENGU token's 380% surge accounted for much of the NFT sector's 55.4% Q2 gains
- NFT trading volume fell 79% year-over-year despite transaction counts increasing 79%
- Traders favored liquid NFT tokens over illiquid JPEGs, especially after ETH funding rates turned negative
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