The post Ethereum and Bitcoin Lead NFT Sales Recovery Amid 2024 Market Challenges and Oversaturation appeared on BitcoinEthereumNews.com.

NFT sales have surged to $8.8 billion in 2024, led by dominant blockchains Ethereum and Bitcoin, despite facing significant market challenges. The late-year growth in Q4 managed to counter a seven-month downturn, showcasing resilience in the NFT market. According to COINOTAG, “oversaturation in the market left 98% of collections with little to no trading activity in 2024,” reflecting the complexities of consumer interest. NFT sales reached $8.8 billion in 2024, showing resilience after a challenging market period, with Ethereum and Bitcoin leading the surge. Recovery Signs in the NFT Market: An Overview of 2024 NFTs recorded a total sales volume of $8.8 billion in 2024, marking a slight increase of $100 million from the previous year. This 1.1% year-on-year growth reflects both the potential and challenges existing in the digital collectibles market. The year was characterized by significant fluctuations, demonstrating the volatile nature of NFT investments. The Leading Blockchains for NFT Sales Throughout the year, Ethereum and Bitcoin emerged as the leading blockchains for NFT sales, each generating $3.1 billion. Solana ranked third with a sales volume of $1.4 billion. Cumulatively, Ethereum maintains its dominance with $44.9 billion in all-time NFT sales, while Solana follows with $6.1 billion, and Bitcoin-based NFTs have amassed $4.9 billion in total sales. The market faced significant hurdles in 2024, including a seven-month downturn, with September experiencing the lowest sales volumes since 2021. However, a rebound began in October, with NFT sales reaching $353 million, an 18% increase from the previous month. Momentum continued into November, seeing sales of $562 million, marking a six-month high. December closed the year robustly with $877 million in sales, its fifth-best month of 2024, with Ethereum collections alone generating $482 million. Market Innovations Amidst Continued Challenges In 2024, notable collections such as Pudgy Penguins led the market with a…

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Filed under: News - @ January 2, 2025 2:25 am