NFTs Record $8.8B Sales Volume in 2024: Proving Blockchain-Based Digital Collectibles Are Not Dead
In this week’s newsletter, we take a closer look at the latest developments in the NFT space. From record-breaking sales figures to a decline in transaction share for one of the dominant protocols on the Bitcoin blockchain, there’s no shortage of exciting news.
NFTs Sales Volume Surpasses 2023 by $100 Million
While some may have declared NFTs dead after a slow year, the overall sales volume for the asset class in 2024 reached an impressive $8.8 billion. This marks a significant increase from 2023, with a 1.1% growth in year-on-year sales. Ethereum and Bitcoin were the top-performing blockchains in NFT sales, with both recording over $3.1 billion in transactions for the year.
Ethereum Remains King of NFT Sales
Despite the impressive performance of other blockchains, Ethereum still holds the title as the largest NFT sales platform. With an all-time record of $44.9 billion in sales, it’s clear that Ethereum continues to be a dominant force in the NFT market. Meanwhile, Solana’s all-time sales total around $6.1 billion, and Bitcoin-based NFTs recorded a respectable $4.9 billion overall.
The Rise and Fall of Runes
In other news, we take a look at the decline of transaction share for the Runes protocol on Bitcoin. In December, the protocol’s transaction count struggled, with its share falling to an average of 9% apart from Christmas Day when it reached 19.9%. This marks a significant decrease from April, when Runes had over 80% of all Bitcoin-based transactions.
NFTs in 2024: Surviving Challenges and Embracing Growth
Despite facing various challenges throughout the year, NFTs continued to thrive in 2024. With regulatory hurdles and a seven-month downturn, it’s clear that NFT holders faced a tough time. However, the trading volume for digital collectibles proved that they are very much alive.
Looking Ahead: Expert Predictions for the NFT Market in 2025
As we look ahead to 2025, Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their predictions with Cointelegraph. With a focus on growth and innovation, these experts are optimistic about the future of the NFT market.
Conclusion
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space. Stay ahead of the curve with our expert analysis and stay up-to-date on the latest trends in the world of NFTs.
Explore More Articles Like This
- NFTs in 2024: A Year of Challenges and Growth
- Ethereum Dominates NFT Sales, Solana Follows Close Behind
- Runes Decline in Transaction Share on Bitcoin Blockchain
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