NFT Sales Hit $8.8 Billion in 2024: Growth Despite Challenges
Total NFT sales in 2024 will be $8.8 billion, a slight increase of $100 million from the previous year.
The 1.1% year-over-year growth reflects the potential and challenges of the digital collectibles market.
NFT sales show signs of recovery in challenging year
Ethereum and Bitcoin emerged as the leading blockchains for NFT sales, each generating $3.1 billion in revenue throughout the year. Solana Ranked third with sales of US$1.4 billion.
Ethereum continues to maintain its dominance with cumulative NFT sales reaching $44.9 billion. Solana follows with $6.1 billion, while Based on Bitcoin Total NFT sales have reached $4.9 billion.
The market faces significant obstacles in 2024, including a seven-month downturn. Sales in September hit their lowest level so far in 2021, reflecting reduced speculative interest and an oversaturated market.
However, a rebound began in October, with NFT sales rising to $353 million, an 18% month-on-month increase.
Strong momentum continued in November, with sales reaching a six-month high of $562 million. December ended the year strongly with sales of $877 million, making it the fifth-best month of 2024.
Ethereum Collection The contribution was huge, generating US$482 million in revenue in December alone.
Market developments and setbacks
Famous series such as Chunky Penguin lead the market, with sales reaching $115 million. Platforms such as Magical Eden and Chunky penguin Launched its own token, marking innovation in the field.
also, Myth Games and FIFA announced fifa rivalsa mobile football game integrated with NFT. The game is expected to be released in summer 2025.
Despite these advances, challenges remain. November, Kraken shuts down its NFT marketplace Focus on other projects. Users have until February 27, 2025 to withdraw their assets.
Oversaturation also plagues the market. About 98% of NFT collections see minimalor there is no trading activity and only 0.2% of NFT drops are profitable. Most collections lost more than 50% of their value within a few days, reflecting waning speculative demand.
Although NFT market With growth showing signs of resilience at the end of the year, broader challenges underscore a shift away from speculative trades and toward more utility-driven applications.
As platforms innovate and adapt, 2025 will reveal whether NFTs can sustain growth amid changing investor sentiment.
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