NFT Sales Reach $8.85 Billion in 2024, Slightly Up From 2023

Non-fungible tokens (NFTs) closed 2024 with a gross sales quantity surpassing $127 million greater than in 2023, signaling a slight restoration regardless of lingering challenges.  

Information from CryptoSlam reveals NFT gross sales in 2024 reached $8.85 billion, up from $8.72 billion in 2023 — a 1.47% enhance. Whereas this marks progress, the figures stay far beneath the peaks of 2021 and 2022, which noticed gross sales of $15 billion and $23 billion, respectively.  

Ethereum remained the main blockchain for NFTs in 2024, with $3.1 billion in gross sales. Nonetheless, this was a big drop from $4.9 billion in 2023 — reflecting a 37.5% decline. 

In distinction, Bitcoin-based NFTs surged, recording $2.8 billion in gross sales — a 71.9% enhance from $1.6 billion in 2023.  

Solana additionally noticed development, with gross sales climbing to $1.4 billion in 2024, up 32% from the $1 billion recorded the earlier 12 months.  

Prime NFT collections in 2024 included Pudgy Penguins, CryptoPunks, Azuki, Doodles, and Bored Ape Yacht Membership, which continued to attract important curiosity from collectors and buyers.  

Regardless of a difficult begin to the 12 months, NFT gross sales skilled a notable rebound within the closing months of 2024. After a seven-month hunch, September noticed the bottom gross sales quantity since 2021. 

Nonetheless, October introduced a turnaround with $353 million in gross sales. The upward pattern continued into November, with month-to-month gross sales reaching $562 million. 

December capped off the 12 months with $877 million in gross sales, making it the fifth-best month of 2024. Ethereum-based collections drove a lot of this development, contributing $482 million to December’s whole.  

The broader NFT market confronted headwinds throughout 2024, together with regulatory uncertainty and a downturn available in the market. The U.S. Securities and Trade Fee (SEC) elevated scrutiny of the Web3 area, issuing fines and Wells notices to a number of gamers. Notable targets included OpenSea, CyberKongz, and Immutable.  

These challenges prompted some business gamers to cut back or exit the market. For instance, Kraken shut down its NFT market, whereas Nike-owned studio RTFKT introduced plans to wind down operations.