The year ended with non-fungible tokens (NFTs) selling nearly $100 million more than they did in 2023, demonstrating the tenacity of digital collectibles in a volatile cryptocurrency market.
Year-End Sales Data Show Increase
The volume of NFT sales in 2024 was $8.83 billion, up 1.1% from $8.7 billion in 2023, according to CryptoSlam. With $3.1 billion in NFT sales apiece, Ethereum and Bitcoin were in the lead, while Solana came in third with $1.4 billion in total sales.
All-Time NFT Sales Are Led by Ethereum
Ethereum, which has so far amassed $44.9 billion, continued to dominate all-time NFT sales. Bitcoin-based NFTs had lifetime sales of $4.9 billion, while Solana came in second with $6.1 billion.
Sales Don’t Reach Historical Highs
Despite a little increase in 2024, sales volumes were still well below the 2021 and 2022 highs. NFTs made $15.7 billion in 2021 and $23.7 billion in 2022, indicating that the market is currently less enthusiastic than it was in prior years.
Industry Hope Despite Declining Volumes
Animoca Brands chairman Yat Siu was upbeat about the long-term prospects of NFTs. He predicted that NFTs would rise exponentially as the larger cryptocurrency market grows, with future trading volumes potentially surpassing billions of dollars each month.
NFT Market Revived by Fourth Quarter Surge
Early-Year Recovery and Decline
NFTs had a difficult year, seeing a seven-month decline that ended in September with the lowest sales volumes since 2021. But in October, when sales reached $353 million, a noteworthy 18% gain from the previous month, the market started to rebound.
December and November Display Sturdy Growth
With monthly sales reaching a six-month high of $562 million in November, momentum persisted. With sales of an astounding $877 million, December was the fifth-best month of 2024.
December Uptick Driven by Ethereum Collections
Ethereum-based collections, which made up $482 million of the monthly sales, were a major factor in the December spike. Solana collections provided $100 million, and NFTs based on Bitcoin contributed $172 million.
December Top Performers
The Pack is Led by Pudgy Penguins
In December, Pudgy Penguins sold $115 million, which put them at the top of the lists. The combined sales of other noteworthy collections, such as Azuki, Lil Pudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, totalled $141 million.
Greater Market Resilience
The recovery in NFT sales towards the end of 2024, despite volatility, highlights the persistent demand for digital collectibles, which is fuelled by market forces and innovation. NFTs continue to be an attractive area for investors and collectors both as the cryptocurrency ecosystem develops.
