In 2024, the non-fungible token (NFT) market experienced a notable resurgence, achieving a total sales volume of $8.8 billion. This figure surpasses the previous year’s record by over $100 million, representing a 1.1% year-on-year increase. Ethereum and Bitcoin remained dominant in the NFT space, each generating $3.1 billion in sales throughout the year. Solana emerged as the third-largest blockchain in 2024, with a recorded sales volume of $1.4 billion. Despite broader challenges and a seven-month downturn that tested the resilience of the NFT sector, digital collectibles continued to thrive, quelling discussions of their decline. Ethereum maintains its lead in all-time sales with a record of $44.9 billion, followed by Solana and Bitcoin-based NFTs with $6.1 billion and $4.9 billion, respectively.
Meanwhile, the Runes protocol on the Bitcoin blockchain witnessed a significant decrease in transaction share by the end of 2024. In April, Runes achieved over 753,000 transactions, surpassing other protocols on the network. However, by December, the protocol’s transaction share dwindled to an average of 9%, apart from a brief peak of 19.9% on Christmas Day. This contraction suggests waning investor interest in Runes-based Bitcoin NFTs.
Despite the obstacles faced throughout the year, industry leaders like Animoca Brands’ Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai remain optimistic, sharing positive projections for the NFT market in 2025, indicating continued growth and evolution in the digital collectibles arena.
