Non-fungible tokens (NFT) closed 2024 on a high note, with annual sales exceeding $8.83 billionaccording to data from CryptoSlam. This represents a 1.1% increase from $8.7 billion in 2023, suggesting a modest but notable recovery in the digital collectibles market.
Ethereum and Bitcoin led the charge in 2024, each recording $3.1 billion in NFT sales, while Solana secured third place with $1.4 billion in annual sales.
Ethereum remains the all-time NFT sales leader, with $44.9 billion, followed by $6.1 Billion Solana and Bitcoin-Based NFTs with $4.9 billion.
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2024 sales volumes were far from peak years
Despite positive growth compared to 2023, 2024 sales volumes are far from peak market years. In 2021, NFTs generated $15.7 billion in sales, while in 2022, they generated a staggering $23.7 billion. The 2024 figures represent a decline of 43.9% and 62.8% respectively from those years.
The rebound in NFT sales towards the end of the year surprised many. After a seven-month slowdown that culminated in the lowest sales volumes in September since 2021, the market has started to recover.
October saw an 18% increase in sales, reaching $353 millionand the momentum continued in November with a six-month high of $562 million. December closed the year with $877 million in NFT sales, the fifth highest monthly figure for 2024.
Presentation of NFT:
Market Volume: The 2024 NFT market saw total sales reach $8.5 billion; The number of unique buyers increased from 4.6 million in 2023 to 7.5 million in 2024, a substantial increase of 62%.
– Rui (@OITOO) December 28, 2024
The resurgence was driven by Ethereum-based collections, which accounted for $482 million in sales for the month. Bitcoin-based NFTs contributed $172 million, while Solana-based collections added $100 million.
Among the top-performing collections, Pudgy Penguins dominated with $115 million in sales in December. Other notable collections, including Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, collectively grossed $141 million.
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NFT brand RTFKT will cease operations by January 2025
Despite the recent rebound in NFT sales, there has been a trend of companies ending their involvement in the NFT space.
In December, RTFKT, the NFT brand behind virtual sneakers and digital collectibles acquired by Nike in 2021, announced that it would close operations in January 2025.
Before its closure, RTFKT plans to release one final collection, “BLADE DROP,” which it describes as a testament to its boundary-pushing approach and its role in merging technology and culture.
Before this, crypto exchange Kraken announced the closure of its NFT marketplace almost two years after its launch. The company said it aims to allocate resources to new products and services.
“Customers have been informed of the changes and our team will support them as they move their NFTs to their Kraken wallet or a self-custodial wallet of their choice,” a Kraken spokesperson said.
Starbucks, the famous multinational coffee chain, also decided to end its NFT rewards program. Additionally, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.
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The post NFT Sales Surpassed $8.8 Billion in 2024, Surpassing 2023 by $100 Million appeared first on 99Bitcoins.
