According to Cointelegraph, the non-fungible token (NFT) market demonstrated resilience in 2024, achieving a sales volume of $8.8 billion. This figure marks a $100 million increase from 2023, reflecting a 1.1% year-on-year growth. Despite a challenging year, the blockchain-based digital collectibles sector proved its vitality.
Ethereum and Bitcoin emerged as the leading blockchains in the NFT space, each recording $3.1 billion in sales throughout the year. Solana followed as the third-largest blockchain, with a sales volume of $1.4 billion. Ethereum continues to dominate in all-time sales, boasting a record of $44.9 billion. Solana and Bitcoin-based NFTs have accumulated all-time sales of $6.1 billion and $4.9 billion, respectively.
In contrast, the Runes protocol on the Bitcoin blockchain experienced a decline in transaction share by the end of 2024. In April, Runes accounted for over 80% of all Bitcoin-based transactions, surpassing other protocols like Ordinals and BRC-20s. However, by December, its transaction share had significantly decreased, averaging around 9%, with a brief spike to 19.9% on Christmas Day. This decline indicates a waning interest in Runes-based Bitcoin NFTs among investors.
Despite facing numerous challenges, including regulatory hurdles and a prolonged downturn, NFTs continued to thrive in 2024. The trading volume for digital collectibles remained robust, countering claims that the asset class was obsolete. Industry leaders like Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai have shared optimistic predictions for the NFT market in 2025, suggesting continued growth and adaptation.
This summary highlights the key developments in the NFT sector over the past week. Stay tuned for more updates and insights into this dynamic and evolving market.