2024 NFT Revenue Tops Last Year’s $8B Mark

The broader non-fungible token (NFT) market has defied expectations after it surpassed final yr’s income milestone.

Information collected by CryptoSlam exhibits that with lower than every week left earlier than 2024 ends, NFT gross sales for the yr have amounted to $8,717,920,832, edging out 2023’s tally by about $230,000.

The Numbers

Final yr, the sector recorded greater than 91.55 million transactions, bringing in $8.71 billion per CryptoSlam. Nonetheless, in 2024, the whole transactions dropped considerably, solely reaching 70.89 million.

Nonetheless, a rise in distinctive patrons and sellers helped steadiness the scales, with the previous totaling 7.5 million and the latter reaching 4 million. These had been the very best recorded figures since 2017, the closest being the three.8 million sellers captured final yr and the 5.4 million patrons from 2022.

There have lengthy been discussions in regards to the prospects of the NFT house, with the hype that after engulfed them dying down significantly. However analysts have urged towards writing off the business altogether, a sentiment justified by the yr’s efficiency, which, whereas some methods beneath 2022’s record-setting gross sales of $23.7 billion from 56 million transactions, has been markedly higher than anticipated.

The subsequent finest interval was 2021, when the sector raked in $15.7 billion from 34 million transactions involving 3.6 million distinctive sellers and over 5 million patrons. 2024’s numbers are on track to be the third-highest returns on file, marginally beating final yr’s figures.

The house additionally not too long ago suffered casualties when the Nike-owned RTFKT venture introduced it will close shop in 2025 after incomes virtually $50 million since its launch.

Month-to-month Insights

Wanting extra short-term, the final month offered a combined outlook for NFTs. Whereas international gross sales volumes went up 19.43% to $912 million, distinctive purchaser and vendor numbers fell by almost 28%, reflecting a extra selective market strategy.

Moreover, transactions noticed a 59.25% drop from the earlier month, suggesting that fewer however extra beneficial exchanges could have pushed the sector’s progress.

General, Ethereum stays the highest blockchain for NFT gross sales, contributing $495.7 million within the final 30 days alone. In second and third place had been Bitcoin and Solana, which respectively generated $191.4 million and $107 million in that interval.

Apparently, the 2 blockchains went in utterly reverse instructions with regard to attracting patrons. CryptoSlam information exhibits that NFT purchasers on the Bitcoin community skyrocketed by greater than 80% within the final month, whereas these on Solana dropped by no less than 37%.

Immutable and Mythos rounded up the highest 5 blockchains by month-to-month NFT gross sales quantity. The previous registered $35 million value of gross sales, a 66.51% leap from the earlier month, whereas the latter shed 36.72% from its tally in the identical interval, solely reaching $25.4 million.