In this week’s newsletter, we take a closer look at the remarkable performance of non-fungible tokens (NFTs) in 2024. Despite a slow year for some, the overall sales volume for digital collectibles reached an impressive $8.8 billion, surpassing the previous record by $100 million and marking a 1.1% increase year-on-year.
NFT Sales Volume Surpasses Previous Record
According to CryptoSlam, NFTs had a slow start in 2024 but ultimately exceeded expectations with an all-time high sales volume of $8.8 billion. This remarkable feat is a testament to the enduring popularity of blockchain-based digital collectibles.
Ethereum and Bitcoin were at the forefront of this success, with both blockchains boasting impressive sales figures of $3.1 billion each for the year. Solana, the third-biggest blockchain in 2024, recorded a sales volume of $1.4 billion, solidifying its position as a major player in the NFT market.
Ethereum Dominates All-Time Sales
While Ethereum’s dominance is evident in the current sales figures, it also holds the record for all-time sales with an impressive $44.9 billion. Solana’s all-time sales are significantly lower at around $6.1 billion, and Bitcoin-based NFTs recorded a total of $4.9 billion.
The Rise and Fall of Runes: A Dominant Protocol Loses Momentum
In a surprising turn of events, the Runes protocol on Bitcoin experienced a significant decline in transaction share by the end of 2024. At its peak in April, Runes had over 753,000 transactions, surpassing other protocols like Ordinals and BRC-20s.
However, December saw a drastic drop in the protocol’s transaction count, with an average share of just 9% for most days of the month. This decline is attributed to a decrease in investor interest in Runes-based Bitcoin NFTs.
NFTs in 2024: A Year of Challenges and Growth
The world of NFTs has been no stranger to challenges this year, from regulatory hurdles to a seven-month downturn. Despite these obstacles, the asset class continued to thrive, with trading volumes for digital collectibles proving that they are far from dead.
In an exclusive interview with Cointelegraph, Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their predictions for the 2025 NFT market. Their insights provide a glimpse into what the future holds for this rapidly evolving space.
NFT Market Predictions for 2025
As we bid farewell to 2024, it is clear that the NFT market has proven its resilience and adaptability. As we look forward to 2025, experts predict an increase in adoption and innovation within the space.
Yat Siu emphasized the growing importance of interoperability between different blockchain platforms, while Lennix Lai highlighted the need for greater accessibility and user-friendly interfaces.
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As we continue to navigate the ever-changing landscape of the NFT market, it is essential to stay informed about emerging trends and technologies. With our weekly newsletter, you’ll receive expert analysis, breaking news, and exclusive insights into the world of digital collectibles.
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