In this week’s newsletter, we take a closer look at the non-fungible token (NFT) market in 2024. Despite some challenges, NFT sales volumes reached an impressive milestone. Let’s dive into the details of how NFTs performed in 2024 and what it means for the future.
NFT Sales Volume Surpasses $8.8 Billion
According to CryptoSlam, a leading NFT data analytics platform, the total sales volume for NFTs in 2024 reached an impressive $8.8 billion. This marks a significant increase over 2023’s sales record by $100 million, representing a 1.1% year-over-year growth.
Top-performing Blockchains
The top three blockchains in terms of NFT sales volume in 2024 were Ethereum and Bitcoin, each with an impressive $3.1 billion in sales for the year. Solana came in third, with a sales volume of $1.4 billion.
| Blockchain | Sales Volume (2024) |
| — | — |
| Ethereum | $3.1 billion |
| Bitcoin | $3.1 billion |
| Solana | $1.4 billion |
While these numbers are impressive, it’s worth noting that Ethereum still holds the top spot in all-time sales, with a record of $44.9 billion. Solana’s all-time sales are around $6.1 billion, and Bitcoin-based NFTs have recorded a total of $4.9 billion.
Ethereum Dominates All-Time Sales
As mentioned earlier, Ethereum remains the leading blockchain in terms of all-time sales. With a record-breaking $44.9 billion, it’s clear that this platform continues to be a major player in the NFT space.
| Blockchain | All-Time Sales |
| — | — |
| Ethereum | $44.9 billion |
| Solana | $6.1 billion |
| Bitcoin | $4.9 billion |
Runes Loses Momentum in 2024
One protocol that saw a decline in transaction share in December was Runes, a dominant player on the Bitcoin blockchain. At its peak in April, Runes had over 753,000 transactions, surpassing other protocols like Ordinals and BRC-20s.
Transaction Share Decline
However, by December, the protocol’s transaction share had dropped significantly. Apart from Christmas Day, when it reached a high of 19.9%, the average transaction share for Runes in December was around 9%.
| Date | Transaction Share |
| — | — |
| April 23 | 80%+ |
| December (average) | 9% |
NFTs: Surviving Challenges and Embracing Growth
Despite some challenges, including regulatory hurdles and a seven-month downturn, NFTs continued to thrive in 2024. The asset class faced various obstacles, but it managed to survive and even grow.
Market Predictions for 2025
In an interview with Cointelegraph, Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their predictions for the NFT market in 2025. They highlighted the potential for growth and innovation in the space.
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