The NFT market experienced a notable resurgence in 2024, achieving a total sales volume of $8.8 billion, surpassing the previous year’s figures by $100 million. Although the growth was gradual, it reaffirmed the ongoing relevance of NFTs within the blockchain ecosystem.
NFT Market Highlights of 2024
Throughout the year, Ethereum and Bitcoin dominated the NFT sales landscape, each generating $3.1 billion in sales. Solana emerged as the third most significant blockchain for digital assets, with a sales volume of $1.4 billion.
Quarterly Trends
The trend in NFT sales saw a remarkable shift in the fourth quarter. After a disappointing September, sales began to climb in October, with weekly volumes approaching $85 million. November witnessed a significant jump, with the monthly sales volume reaching $562 million—an increase of $356 million compared to October.
December proved to be particularly fruitful, with the first week recording an impressive $187 million in sales. By the end of December, total sales for the month had reached $877 million, making it one of the strongest months of the year.
Top NFT Collections
In December, the Pudgy Penguins collection led the charts, amassing a sales volume of $115 million. This surge followed the mid-month launch of the PENGU token, which provided an airdrop of $92,000 to NFT holders.
Other notable collections like Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club collectively generated $141 million in sales for the month.
Record Sales
The second half of 2024 marked a revitalization in the NFT market, highlighted by the sale of CryptoPunk #1563 for an astonishing $56.3 million (approximately 24,000 ETH) in October.
Comparative Sales Data
Despite the growth in 2024, the total sales figures remain significantly lower than the heights achieved in 2021 and 2022. In 2021, the NFT market closed with sales of $15.7 billion, and in 2022, that number soared to $23.7 billion—62.8% higher than what was recorded in 2024.
Challenges in the NFT Landscape
A market analysis conducted in mid-November highlighted some troubling trends within the NFT drops of 2024. Out of approximately 29,079 NFT drops between January and August, a staggering 98% were deemed unsuccessful, with only 0.2% yielding profits for investors.
The report revealed that 64% of NFT drops had fewer than ten mints, and 98% recorded fewer than ten trades in their first week. Furthermore, prices for most collections dropped by at least 50% within three days of their initial drop, with 84% of collections seeing their all-time high (ATH) prices equal to their mint prices.
