NFTs Thrive in 2024, Defying Decline Predictions
In this week’s newsletter, we take a closer look at the remarkable performance of non-fungible tokens (NFTs) in 2024. Despite facing numerous challenges, including regulatory hurdles and a seven-month downturn, NFTs managed to surpass their 2023 sales record by $100 million. This achievement is a testament to the resilience and adaptability of blockchain-based digital collectibles.
NFT Sales Volume Reaches New Heights
According to CryptoSlam, the overall sales volume for NFTs in 2024 reached an impressive $8.8 billion. This marks a 1.1% increase year-on-year, with the asset class continuing to grow despite facing various challenges.
Ethereum and Bitcoin dominated the NFT market in 2024, with both blockchains recording over $3.1 billion in sales for the year. Solana was the third-biggest blockchain, with a sales volume of $1.4 billion. While Ethereum leads the pack in all-time sales with its record-breaking $44.9 billion total, Solana’s all-time sales stand at around $6.1 billion.
Bitcoin Runes Loses Momentum
On the other hand, Bitcoin-based NFTs on the Runes protocol saw a significant decline in transaction share by the end of 2024. Despite peaking at over 753,000 transactions on April 23, surpassing the Ordinals protocol, BRC-20s, and Bitcoin transactions, its transaction count struggled in December.
On Christmas Day, the protocol managed to secure a 19.9% share in Bitcoin transactions, but for the rest of the month, its average share was only 9%. This decline reflects a decrease in investor interest in Runes-based Bitcoin NFTs.
NFTs: Surviving Challenges, Embracing Growth
While some predicted the demise of NFTs, the trading volume for digital collectibles proved that they are far from dead. In fact, NFTs continued to thrive in 2024 despite facing various challenges.
Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their 2025 NFT market predictions with Cointelegraph. Their insights provide a glimpse into the future of this rapidly evolving space.
New Year Special: Recap of NFTs in 2024
As we bid farewell to 2024 and welcome a new year, it’s essential to reflect on the significant events that shaped the NFT landscape. From record-breaking sales to declining transaction shares, our New Year Special provides an in-depth look at what happened with NFTs in 2024.
Thanks for Reading!
We hope you enjoyed this digest of the week’s most notable developments in the NFT space. Stay tuned for more reports and insights into this actively evolving landscape by subscribing to our newsletter.
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