The year 2024 concluded with the NFT market increasing in value, with the sales volume surpassing that of 2023 by 100 million dollars. Despite the sluggishness, NFTs recorded a total sales volume for 2024 of 8.8 billion dollars.
The value of NFTs in 2024: a total sales volume of 8.8 billion dollars
The market of NFT has seen an increase in value compared to 2023 of 100 million dollars, recording a sales volume in 2024 of 8.8 billion dollars.
This result leads to saying that, despite the slow growth of this crypto micro-sector, NFTs continue to be alive in the blockchain ecosystem.
Dominating the scene throughout the year were the blockchains of Ethereum and Bitcoin, with sales of 3.1 billion dollars each in 2024. The third largest blockchain for digital items of the year was Solana with a sales volume of 1.4 billion dollars.
Looking at the trend of NFT sales in 2024, it is easy to notice how the fourth quarter recorded the unexpected turn.
In fact, after a terrible September, starting from October the weekly sales volumes began to rise, seeing increases in both prices and the number of transactions. Specifically, the first week of October had almost reached 85 million dollars.
In November 2024, then, the monthly NFT sales volume rose to 562 million dollars, surpassing that of October 2024 by 356 million dollars.
The revolutionary month of 2024, then, was December, with the first week that saw record NFT sales volume of 187 million dollars. By December 31, then, NFTs recorded a sales volume of 877 million dollars, becoming the fifth month with the highest performance of the year.
The valuable NFT collections in 2024 and the distance from the records of 2021-2022
Speaking of NFT collections 2024, in the last month of December, Pudgy Penguins emerges, remaining at the top of the ranking with a sales volume of 115 million dollars.
In fact, right in mid-December, the collection launched the PENGU token, giving an airdrop of $92,000 to the NFT holders.
Other NFT collections like Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club collectively recorded a sales volume of 141 million dollars for the month.
Looking at the second half of the year, the awakening of the NFT market was inaugurated in October with the record sale of one of the famous CryptoPunks, number 1563, sold for 56.3 million dollars (24,000 ETH).
In general, the total value of NFT sales for 2024, even if slightly increasing, is still very far from the sales volumes of 2021-2022.
In fact, in 2021 NFTs had closed the year with 15.7 billion dollars in sales, 43.9% more than the record of 2024. Not only that, in 2022, the total sales volume was 23.7 billion dollars, exactly 62.8% more than the record of this year.
The NFT Drops 2024: 98% are dead
In mid-November, there was talk of the market analysis of the NFT Drops 2024, from which it emerged that 98% are “dead” and only 0.2% returned profits to investors.
The NFTEvening report “State of 2024 NFT drops” revealed that the Non-Fungible Token market must face some hard truths.
Based on the performance of a good 29,079 NFT drops between January and August 2024, it seems that 64% of the drops have less than 10 mints or that 98% of the drops recorded less than 10 trades in the first week.
Again, it seems that the price of the collections or individual NFTs tends to drop by at least 50% within the first 3 days from the drop, and that for 84% of the collections the ATH price is equal to the mint price.
