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The non-fungible token market, which was booming at the start of the year, had another difficult quarter. The NFT market started the year on the rise, with commercial sales volume reaching $4.1 billion in the first quarter of 2024. Unfortunately, the NFT market began to develop cracks a month later, with sales volume being rose to $2.25 billion in the second quarter of 2024 after the market hype that fueled its resurgence faded.
Data compiled by Tiexo.com, an on-chain non-fungible token mining explorer and analytics hub, shows that the global non-fungible token market plunged again in sales in the third quarter of 2024. Over the last 90 days, the global NFT market attracted a commercial sales volume of just $1.12 billion, representing a 50% drop from the previous quarter. This is the second time that the NFT market has fallen from one quarter to the next.
The NFT market experiences downward dynamics in 2024
The NFT market started the new year in good health and grew significantly, reaching $4.1 billion in the first quarter of 2024. In February 2024, NFT sales jumped to just over $1.290 billion, or a 3.6% increase from January’s $1.245 billion. In March 2024, sales jumped to $1.605 billion, up 19.6% from February’s $1.290 billion. NFT sales began to drop at that time after the BRC-20 NFT market hype died down.
Source: CryptoSlam.io, NFT sales volume per month
In April 2024, the global NFT market saw another slowdown, with its sales volume falling to $1.2 billion, down about 205% from the previous month. In May 2024, the NFT market collapse intensified, leaving commercial sales volume down by almost half, to $599 million. In June 2024, the NFT collapse further deteriorated, pushing the sales volume to $436 million. The cumulative commercial sales volume in the second quarter of 2024 was approximately $2.25 billion.
The NFT market has since suffered a month-over-month decline, plunging to $428 million in July 2024. In August 2024, the global NFT market declined further, recording a sales volume of $393 million . As of September 2024, NFT sales volume has been reduced to just $299 million. In total, the NFT market has accumulated a commercial sales volume of $1.12 billion.
Best NFT Markets in Q3 2024
OpenSea, the world’s first and largest Web3 marketplace for non-fungible tokens and crypto collectibles, was the most traded NFT marketplace in Q3 2024. Over the past 90 days, the NFT marketplace recorded a sales volume of $340 million, accounting for 30% of the total market share. Polygon NFTs took the lion’s share during this period, amassing 65% of commercial sales.
Magic Eden, the leading multi-chain digital marketplace platform supporting non-fungible tokens on Solana, Ethereum, Polygon and Bitcoin, was the second-largest NFT marketplace in Q3 2024. Over the past 90 days, the NFT marketplace recorded revenue. volume of 307 million dollars. During this period, Bitcoin Ordinals on Magic Eden took the largest share of 56%, Solana NFTs took 36%, Ethereum-based NFTs took 4%, and Polygon-based NFTs took the remaining share .
Blur, a unique non-fungible token marketplace and aggregator platform offering advanced features such as real-time price feeds, portfolio management and multi-marketplace NFT comparisons, was the third largest NFT marketplace in the third quarter of 2024. Over the past 90 days, the NFT marketplace has accumulated a sales volume of $251 million, or 22% of the total market share.
Tensor, a renowned non-fungible token marketplace offering users a smooth, fast, and secure NFT trading platform, was the fourth largest NFT marketplace in Q3 2024. Over the past 90 days, the NFT marketplace recorded a volume of transaction sales of $84. million, representing 7.68% of the total NFT market share. Solana-based NFTs absorbed 100% of NFT sales volume during this period.
Finally, CryptoPunks, an innovative NFT marketplace dedicated exclusively to the iconic 10,000 CryptoPunks NFT collection, was the fifth largest NFT marketplace in Q3 2024. Over the past 90 days, the CryptoPunks NFT marketplace recorded a sales volume of $41 million, accounting for 3.75% of the total market share. CryptoPunks closed our top five NFT marketplaces in Q3 2024.
Top NFT Collections in Q3 2024
Liberty Cats, a collection of non-fungible tokens comprising a limited edition of 9,903 NFTs hosted on the Polygon blockchain network, was the top NFT collection in Q3 2024. Over the past 90 days, the Liberty Cats NFT collection recorded a single digit commercial business. volume of $66 million, accounting for 5.87% of the total market share. The Liberty Cats NFT collection has a floor price of 87,436 MATIC.
Pudgy Penguins, a collection of non-fungible tokens from digital asset company Igloo that offers a fixed edition of 8,888 NFTs hosted on the Ethereum blockchain network, was the second largest NFT collection in the third quarter of 2024. Over the last 90 days, the Pudgy Penguins NFT collection recorded a sales volume of $48.32 million, accounting for 4.26% of the total market share.
Bored Ape Yacht Club, a collection of non-fungible tokens from digital asset company Yuga Labs, offering a limited edition of 10,000 NFTs hosted on the Ethereum blockchain network, was the third largest NFT collection in Q3 2024. During Over the past 90 days, the Bored Ape Yacht Club NFT collection has accumulated a commercial sales volume of $46 million, or 4.14% of the total market share.
CryptoPunks, a collection of non-fungible tokens comprising a limited set of 10,000 Ethereum-based NFTs previously from Larva Labs but now managed by Bored Ape creator Yuga Labs, was the fourth largest NFT collection in Q3 2024. Over the past 90 days, the CryptoPunks NFT collection recorded a commercial sales volume of $41 million, or 3.62% of the total market share.
Solana Monkey Business, a collection of non-fungible tokens comprising a limited set of 5,000 unique 24×24 pixel monkeys generated randomly and stored exclusively on Solana’s blockchain network, was the fifth largest NFT collection in Q3 2024. During Over the past 90 days, the Solana Monkey Business NFT collection has accumulated a commercial sales volume of $35 million, accounting for 3.15% of the total market share.
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- Over $10M Raised at ICO – Ending Soon
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