NFTs recorded a total sales volume of $8.8 billion in 2024, marking a slight increase of $100 million from the previous year.
This 1.1% year-on-year growth reflects both the potential and challenges within the digital collectibles market.
NFT Sales Show Signs of Recovery Amidst a Challenging Year
Ethereum and Bitcoin emerged as the leading blockchains for NFT sales, each generating $3.1 billion throughout the year. Solana ranked third, recording $1.4 billion in sales volume.
Cumulatively, Ethereum maintains its dominance with $44.9 billion in all-time NFT sales. Solana follows with $6.1 billion, while Bitcoin-based NFTs have amassed $4.9 billion in total sales.
The market faced significant hurdles in 2024, including a seven-month downturn. September saw the lowest sales volumes since 2021, reflecting reduced speculative interest and an oversaturated market.
However, a rebound began in October, with NFT sales rising to $353 million, an 18% jump from the previous month.
Momentum continued in November, with $562 million in sales, marking a six-month high. December closed the year on a strong note with $877 million in sales, its fifth-best month of 2024.
Ethereum collections contributed significantly, generating $482 million in December alone.
Market Developments and Setbacks
Prominent collections like Pudgy Penguins led the market, achieving a sales volume of $115 million. Platforms such as Magic Eden and Go to Source to See Full Article
Author: Mohammad Shahid
