NFTs Break Sales Record in 2024, Defying "Dead" Declared by Skeptics
In this week’s newsletter, we’ll dive into the latest developments in the NFT space, highlighting how non-fungible tokens (NFTs) have surpassed their 2023 sales record by $100 million. We’ll also explore how Runes, a dominant protocol on the Bitcoin blockchain, saw a decline in transaction share in December. And don’t forget to read our New Year Special, which recaps what happened with NFTs in 2024.
NFT Sales Volume Reaches $8.8B in 2024
According to CryptoSlam, the overall sales volume for the asset class in 2024 reached a staggering $8.8 billion. This marks a significant increase from 2023, where the sales volume was $8.7 billion. The 1.1% year-on-year growth is a testament to the resilience and adaptability of NFTs in the face of market challenges.
Blockchain Dominance: Ethereum and Bitcoin Lead the Pack
Ethereum and Bitcoin continue to reign supreme in the NFT space, with both blockchains boasting impressive sales figures for 2024. With $3.1 billion in sales each, they hold a significant lead over other blockchain contenders. The third-biggest blockchain in 2024 was Solana, which recorded a respectable $1.4 billion in sales.
NFT Sales Volume: A Breakdown by Blockchain
| Blockchain | 2024 Sales Volume |
| — | — |
| Ethereum | $3.1 billion |
| Bitcoin | $3.1 billion |
| Solana | $1.4 billion |
Ethereum’s Unmatched All-Time Sales Record
Despite the impressive sales figures in 2024, Ethereum still holds the record for all-time NFT sales, with a staggering $44.9 billion. This is a testament to the platform’s enduring popularity and the vast array of use cases it supports.
| Blockchain | All-Time Sales |
| — | — |
| Ethereum | $44.9 billion |
| Solana | $6.1 billion |
| Bitcoin-based NFTs | $4.9 billion |
Runes Protocol Sees Decline in Transaction Share
In a stark contrast to its dominance earlier in 2024, the Runes protocol on Bitcoin saw a significant decline in transaction share by December. With an average transaction share of just 9% (excluding Christmas Day), it’s clear that investor interest in Runes-based Bitcoin NFTs waned significantly.
A Closer Look at Runes’ Transaction Share
| Date | Transaction Share |
| — | — |
| April 23, 2024 | 80.3% |
| December 1-24, 2024 (excluding Christmas Day) | 9.0% |
NFTs in 2024: Surviving Challenges and Embracing Growth
As we reflect on the NFT space in 2024, it’s clear that the asset class continued to evolve despite facing numerous challenges. From regulatory hurdles to a seven-month downturn, NFT holders had a tough time keeping up with market developments. However, the trading volume for digital collectibles proved that they are indeed very much alive.
NFT Market Predictions for 2025
In an exclusive interview with Cointelegraph, Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their thoughts on the future of NFTs. They predicted a surge in adoption, driven by advancements in blockchain technology and increased awareness among mainstream audiences.
Conclusion
As we wrap up this week’s newsletter, it’s clear that NFTs have proven themselves to be resilient and adaptable. Despite facing numerous challenges in 2024, they continued to thrive, with sales volumes reaching new heights. We’ll continue to provide you with the latest insights and updates on the NFT space, so stay tuned for more reports and analysis next week.
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