The post NFT Sales Hit $8.8 Billion in 2024: Growth Despite Challenges appeared on BitcoinEthereumNews.com.

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 within the digital collectibles market. NFT Sales Show Signs of Recovery Amidst a Challenging Year Ethereum and Bitcoin emerged as the leading blockchains for NFT sales, each generating $3.1 billion throughout the year. Solana ranked third, recording $1.4 billion in sales volume.  Cumulatively, Ethereum maintains its dominance with $44.9 billion in all-time NFT sales. Solana follows with $6.1 billion, while Bitcoin-based NFTs have amassed $4.9 billion in total sales. The market faced significant hurdles in 2024, including a seven-month downturn. September saw the lowest sales volumes since 2021, reflecting reduced speculative interest and an oversaturated market.  Yearly NFT Sales. Source: CryptoSlam However, a rebound began in October, with NFT sales rising to $353 million, an 18% jump from the previous month. Momentum continued in November, with $562 million in sales, marking a six-month high. December closed the year on a strong note with $877 million in sales, its fifth-best month of 2024.  Ethereum collections contributed significantly, generating $482 million in December alone. Monthly NFT Trading Volume from 2023 to 2024. Source: Dune Market Developments and Setbacks Prominent collections like Pudgy Penguins led the market, achieving a sales volume of $115 million. Platforms such as Magic Eden and Pudgy Penguins introduced their own tokens, signaling innovation in the space.  Additionally, Mythical Games and FIFA announced FIFA Rivals, a mobile football game incorporating NFTs. The game is potentially scheduled for release in the summer of 2025. Despite these advancements, challenges persisted. In November, Kraken shut down its NFT marketplace to focus on other projects. Users have until February 27, 2025, to withdraw their assets. Oversaturation also plagued the market. Approximately…

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Filed under: News - @ January 2, 2025 2:07 am