Non-fungible token (NFT) market sales for 2024 exceeded 2023 totals by more than $100 million, reaching a new peak of approximately $8.83 billion. The CryptoSlam platform shows NFT sales reaching 1.1% higher than last year, reaching approximately $8.83 billion.
Two NFT front-runners, Bitcoin and Ethereum, amassed $3.1 billion in shares during 2024 while recording NFT sales totaling this amount. Solana came in third place with $1.4 billion in total transactions.
Ethereum follows as the leader in NFT historical revenue, while Solana comes in second with $6.1 billion in sales, and Bitcoin-based NFTs stand third at $4.9 billion.
NFT market activity surged again during the latter part of 2024. Since the seven-month sales dip, the statistics showed a boost in October when this category reached $353 million, accompanied by an 18% rise over September numbers.
This upward trajectory continued into November, with sales reaching $562 million, marking a six-month high. December capped the year with $877 million in sales, the second-highest monthly performance of 2024.
Pudgy Penguins reached a $115 million sales volume to become the top NFT collection during December. Additional popular collections such as Azuki alongside LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club brought in $141 million during February.
Animoca Brands chairman Yat Siu predicts bright prospects for NFTs. According to Yat Siu, the forthcoming expansion of crypto markets will drive growth across every Web3 element, including NFTs.
“The sector may be in for a very, very long run, with NFT trading volumes that could eventually top billions every month once wider crypto markets mature”
Siu predicts that NFT trading volumes could eventually exceed billions monthly, aligning with the rise of the crypto market overall.
Research from NFTevening.com demonstrates that 96% of NFTs become inactive due to zero trading activity, minimal weekly sales, and minimal social media engagement.
Despite their ownership, over 43% of NFT investors are facing losses that amount to an average of 44.5% losses on their investments.
The NFT landscape in 2024 presents a mixed narrative. While sales slightly increased compared to 2023, the market remains a shadow of its former peak. Industry leaders express cautious optimism, but the prevalence of inactive NFTs and investor losses underscore the challenges ahead.
