Non-fungible tokens (NFTs) closed 2024 with a sales volume surpassing $127 million more than in 2023, signaling a slight recovery despite lingering challenges.
Data from CryptoSlam shows NFT sales in 2024 reached $8.85 billion, up from $8.72 billion in 2023 — a 1.47% increase. While this marks progress, the figures remain far below the peaks of 2021 and 2022, which saw sales of $15 billion and $23 billion, respectively.
Ethereum remained the leading blockchain for NFTs in 2024, with $3.1 billion in sales. However, this was a significant drop from $4.9 billion in 2023 — reflecting a 37.5% decline.
In contrast, Bitcoin-based NFTs surged, recording $2.8 billion in sales — a 71.9% increase from $1.6 billion in 2023.
Solana also saw growth, with sales climbing to $1.4 billion in 2024, up 32% from the $1 billion recorded the previous year.
Top NFT collections in 2024 included Pudgy Penguins, CryptoPunks, Azuki, Doodles, and Bored Ape Yacht Club, which continued to draw significant interest from collectors and investors.
Despite a challenging start to the year, NFT sales experienced a notable rebound in the final months of 2024. After a seven-month slump, September saw the lowest sales volume since 2021.
However, October brought a turnaround with $353 million in sales. The upward trend continued into November, with monthly sales reaching $562 million.
December capped off the year with $877 million in sales, making it the fifth-best month of 2024. Ethereum-based collections drove much of this growth, contributing $482 million to December’s total.
The broader NFT market faced headwinds during 2024, including regulatory uncertainty and a downturn in the market. The U.S. Securities and Exchange Commission (SEC) increased scrutiny of the Web3 space, issuing fines and Wells notices to several players. Notable targets included OpenSea, CyberKongz, and Immutable.
These challenges prompted some industry players to scale back or exit the market. For example, Kraken shut down its NFT marketplace, while Nike-owned studio RTFKT announced plans to wind down operations.
