NFT Market Surges Past 2023 Totals, Ends 2024 at $8.83B in Sales
The NFT market experienced a modest but notable surge in 2024, finishing the year with $8.83 billion in sales, surpassing 2023’s total of $8.7 billion. While this marks only a 1.1% year-over-year increase, it indicates resilience despite the overall decline from the market's 2021 and 2022 peaks, which saw sales of $15.7 billion and $23.7 billion, respectively.
Ethereum and Bitcoin remained dominant in 2024, each generating $3.1 billion in sales, followed by Solana with $1.4 billion. Ethereum-based NFTs still lead the total sales race, with $44.9 billion accumulated over their history, while Solana and Bitcoin NFTs have reached $6.1 billion and $4.9 billion, respectively.
After a sluggish start to the year, the market saw a significant rebound in the final quarter. October’s sales saw an 18% increase from September, and the momentum carried into November and December. By December, monthly sales had surpassed $877 million, largely driven by Ethereum-based collections, which alone contributed over $482 million.
Notable performers in the final quarter included Pudgy Penguins, which generated $115 million, and other popular collections such as Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, collectively adding another $141 million. Bitcoin NFTs also played a major role, contributing $172 million in December, while Solana NFTs reached $100 million.
Current sales being far from the heights of previous years, industry leaders remain optimistic, with some predicting that, as the broader cryptocurrency market continues to grow, NFTs could one day see monthly sales running into the billions again.
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