The NFT market raking in $8.83 billion in sales last year, and that’s a slight bump from 2023’s $8.7 billion.
While it’s not exactly a meteoric rise, it does show that interest in NFTs is still alive.
Game of tokens
Ethereum and Bitcoin are still the big players in the NFT space for 2024, each pulling in about $3.1 billion in sales.
Solana isn’t too far behind, with a respectable $1.4 billion to its name. When we look at the grand totals over time, Ethereum-based NFTs have dominated in sales, while Solana and Bitcoin sit at the second and the third position.
Ups and downs
It’s been a bit of a rollercoaster for NFT trading this year, just like for the fungible tokens.
For much of 2024, trading activity was pretty sluggish, until the last quarter when things started to heat up, finally October saw an 18% rebound from September’s lows, and that momentum carried right into November and December.
By December alone, monthly sales went past $877 million, thanks largely to Ethereum-based collections bringing in over $482 million.
Leading the pack was the ever-popular Pudgy Penguins, which alone generated $115 million in sales.
Other heavyweights like Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club collectively added another $141 million to the mix.
Bitcoin NFTs contributed around $172 million in December, while Solana managed to notch up $100 million.
Market cycles
Despite these numbers being lower than previous highs, some industry insiders are feeling optimistic.
As the broader crypto market continues to expand, they believe NFTs could soon see monthly sales climbing back into the billions again.
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