Non-fungible tokens (NFTs) closed 2024 on a powerful observe, with annual gross sales surpassing $8.83 billion, in accordance with knowledge from CryptoSlam. This marks a 1.1% improve over the $8.7 billion recorded in 2023, suggesting a modest however notable restoration for the digital collectibles market.
Ethereum and Bitcoin led the cost in 2024, every registering $3.1 billion in NFT gross sales, whereas Solana secured third place with $1.4 billion in annual gross sales.
Ethereum stays the chief in all-time NFT gross sales, boasting $44.9 billion, adopted by Solana at $6.1 billion and Bitcoin-based NFTs with $4.9 billion.
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2024’s Sales Volumes Had been Far Cry From Peak Years
Regardless of the constructive progress in comparison with 2023, 2024’s gross sales volumes have been a far cry from the market’s peak years. In 2021, NFTs generated $15.7 billion in gross sales, whereas 2022 noticed a staggering $23.7 billion. The 2024 figures symbolize a decline of 43.9% and 62.8%, respectively, in comparison with these years.
The rebound in NFT gross sales towards the tip of the yr caught many abruptly. Following a seven-month downturn that culminated in September’s lowest gross sales volumes since 2021, the market started to get well.
October noticed an 18% improve in gross sales, reaching $353 million, and the momentum continued in November with a six-month excessive of $562 million. December capped off the yr with $877 million in NFT gross sales, the fifth-highest month-to-month determine for 2024.
NFT's overview:
Market Quantity: 2024’s NFT market noticed whole gross sales attain $8.5 billion; The variety of distinctive consumers swelled from 4.6 million in 2023 to 7.5 million in 2024, marking a considerable 62% improve.
— Rui (@OITOO) December 28, 2024
The resurgence was pushed by Ethereum-based collections, which accounted for $482 million of the month’s gross sales. Bitcoin-based NFTs contributed $172 million, whereas Solana-based collections added $100 million.
Among the many top-performing collections, Pudgy Penguins dominated with $115 million in gross sales for December. Different notable collections, together with Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Membership, collectively introduced in $141 million.
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NFT Model RTFKT To Stop Operations By January 2025
Regardless of the current rebound in NFT gross sales, there was a pattern of corporations discontinuing their involvement within the NFT area.
In December, RTFKT, the NFT model behind digital sneakers and digital collectibles acquired by Nike in 2021, introduced it will shut down operations in January 2025.
Earlier than its closure, RTFKT plans to launch one remaining assortment, “BLADE DROP,” which it describes as a testomony to its boundary-pushing method and position in merging expertise with tradition.
Earlier than that, crypto trade Kraken introduced the closure of its NFT market almost two years after its launch. The corporate mentioned it goals to allocate sources towards new services and products.
“Clients 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 choice,” a Kraken spokesperson mentioned.
Starbucks, the famend multinational espresso chain, has additionally determined to terminate its NFT rewards program. Furthermore, gaming retailer GameStop has introduced the closure of its NFT market after scaling again its crypto providers over the previous two years.
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The publish NFT Sales Surge Past $8.8 Billion in 2024, Exceeding 2023 by $100 Million appeared first on 99Bitcoins.
