Not replaceable NFTs finished 2024 on a strong note, with annual sales exceeding $8.83 billion.According to Data from CryptoSlam. This represents a 1.1% increase from the $8.7 billion recorded in 2023, indicating a modest but notable recovery for the digital collectibles market.
Ethereum and Bitcoin lead the charge in 2024, all Recording $3.1 billion in NFT sales, while Solana took third place with annual sales of $1.4 billion.
Ethereum remains the all-time leader in NFT sales, with a value of $44.9 billion, Followed by Solana is worth $6.1 billion and Bitcoin-based NFTs with $4.9 billion.
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Sales volumes for 2024 were a far cry from the peak years
Despite positive growth compared to 2023, sales volumes in 2024 were a far cry from the peak years the market witnessed. In 2021, NFTs generated $15.7 billion in sales, while 2022 saw a staggering $23.7 billion in sales. The 2024 numbers represent a decline of 43.9% and 62.8%, respectively, compared to those years.
The year-end rebound in NFT sales surprised many. After a seven-month slump that culminated in the lowest September sales volumes since 2021, the market is starting to recover.
October saw sales increase by 18%, reaching $353 millionand The momentum continued in November with a six-month high of $562 million. December concluded the year with $877 million in NFT sales, the fifth-highest monthly figure of 2024.
NFT Overview:
Market Size: The 2024 NFT market will see total sales reach $8.5 billion; The number of unique buyers swelled from 4.6 million in 2023 to 7.5 million in 2024, representing a significant increase of 62%.
– Roy (@OITOO) December 28, 2024
This rise was driven by Ethereum-based pools, which accounted for $482 million of the month’s sales. Bitcoin-based NFTs contributed $172 million, while Solana-based groups added $100 million.
Among the best-performing groups, the Pudgy Penguins dominated with $115 million in sales for December. Other notable groups, including Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, have collectively made $141 million.
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The NFT brand RTFKT will cease operations by January 2025
Despite the recent rebound in NFT sales, There has been a trend for companies Discontinue their involvement in the NFT space.
In December, RTFKT, the NFT brand that produces virtual sneakers and digital collectibles, was acquired by Nike in 2021, announced that it would be closing Operations in January 2025
Before its closure, RTFKT plans to release one final collection, “BLADE DROP,” which it describes as a testament to its boundary-pushing approach and its role in merging technology with culture.
before So, cryptocurrency exchange Kraken announced the closure of its NFT marketplace Almost two years after its launch. The company said it aims to allocate resources to new products and services.
“Customers have been informed of the changes, and our team will support them as they transfer their NFTs to their Kraken wallet or to a self-custodial wallet of their choice,” a Kraken spokesperson said.
Starbucks, the famous multinational coffee chain, has also done so decided to end its NFT rewards program. Furthermore, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its cryptocurrency services over the past two years.
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The post NFT Sales Surpass $8.8 Billion in 2024, Surpass 2023 by $100 Million appeared first on 99Bitcoins.