Non-fungible tokens (NFTs) have ended 2024 on a strong note, achieving a sales volume of $8.83 billion, according to data from CryptoSlam. This marks a $100 million increase over the previous year’s sales of $8.7 billion, translating to a 1.1% year-on-year uplift. Ethereum continues to dominate the NFT market with lifetime sales reaching $44.9 billion. It is followed by Solana with $6.1 billion and Bitcoin with $4.9 billion.
Despite the uptick, current sales are significantly lower than the peaks of 2021 and 2022, when NFTs generated $15.7 billion and $23.7 billion, respectively. Yet, industry voices like Animoca Brands chairman Yat Siu express optimism for future growth as the broader crypto market evolves. Siu anticipates that NFT trading might eventually surpass previous highs, with the potential for monthly trading volumes in the billions.
In the final quarter of 2024, NFTs rebounded after a consistent slump, which had stretched on for seven months with September seeing the lowest sales since 2021. A notable recovery began in October with a sales jump to $353 million, an 18% increase from September. The positive trend persisted into November with sales of $562 million, and continued into December, which reported a sales volume of $877 million. This December momentum was significantly driven by Ethereum-based collections, achieving a sales figure of $482 million for the month.
Prominent NFT collections such as Pudgy Penguins led the sales in December with $115 million. Other collections, including Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, collectively contributed an additional $141 million. Meanwhile, Bitcoin and Solana NFTs also registered notable sales, with volumes of $172 million and $100 million, respectively, for December.
