In this week’s newsletter, we take a closer look at the performance of non-fungible tokens (NFTs) in 2024. Despite challenges that threatened their existence, NFTs managed to surpass their sales record from 2023 by $100 million, proving that blockchain-based digital collectibles are still very much alive.
NFT Sales Volume Reaches $8.8B in 2024
According to a report by CryptoSlam, the overall sales volume for NFTs in 2024 reached an impressive $8.8 billion. This marks a 1.1% increase year-on-year compared to 2023, demonstrating that the market is still growing despite its slow start.
Ethereum and Bitcoin were the top-performing blockchains in terms of NFT sales, with both recording over $3.1 billion in sales for the year. Solana was a close third, with a sales volume of $1.4 billion.
While Ethereum dominates the pack in all-time sales, with a record of $44.9 billion, Solana’s all-time sales are around $6.1 billion. Bitcoin-based NFTs, on the other hand, recorded an impressive $4.9 billion overall.
The Rise and Fall of Runes
Runes, a protocol that once dominated the Bitcoin blockchain, experienced a significant decline in transaction share by the end of 2024. In December, its transaction count struggled, with an average share of only 9% in Bitcoin transactions.
This is a stark contrast to April 23, when Runes recorded over 753,000 transactions, surpassing the Ordinals protocol, BRC-20s, and even Bitcoin transactions itself. At that time, Runes held an impressive 80% of all Bitcoin-based transactions.
NFTs in 2024: Surviving Challenges and Embracing Growth
Despite facing various challenges throughout 2024, including regulatory hurdles and a seven-month downturn, NFTs continued to exist and thrive. The trading volume for digital collectibles proved that they are very much alive, contradicting the claims of those who declared them dead.
Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their predictions for the 2025 NFT market with Cointelegraph, highlighting the potential for growth and innovation in the space.
Looking Ahead to 2025
As we enter a new year, it’s essential to keep an eye on the evolving landscape of N
