According to recent statistics on non-fungible tokens (NFTs) over the past year, sales reached $8.7 billion in 2023. This figure represents a $15.04 billion or 63.35% decline in NFT sales compared to the previous year.

NFT sales plummet in 2023, but year-end market dynamics hint at diversity and growth

Throughout 2023, the annual total was still significantly lower than 2022's $23.74 billion in NFT sales, despite an uptick in demand toward the end of the year. Sales this year were about $8.70 billion, the lowest since 2019's $3.75 billion. However, NFT transaction volume surged to 90,607,554 transactions in 2023, surpassing 2022’s 54,857,850 transactions.

According to cryptoslam.io data, there were 4.16 million sellers and 4.97 million buyers of NFTs in 2023. While there were more sellers this year than in 2022, they didn’t surpass the 5,420,925 buyers from the previous year. Despite Ethereum’s dominance of the market, Bitcoin and Solana’s NFT sales grew significantly in late 2023, with Bitcoin outperforming Ethereum in November and December.

Market dynamics shift as NFT sales drop 63% year-over-year

In the grand scheme of things, Bitcoin-focused NFT sales have climbed to fourth place, with total sales of $1.83 billion. Ethereum continues to lead with a staggering $42.12 billion, followed by Solana at $4.62 billion and the Ronin blockchain, known for hosting Axie Infinity, at $4.25 billion. Despite the recent surge in BTC-related NFTs, the Axie Infinity series has maintained its status as an overall bestseller.

Axie preceded other famous series such as Bored Ape Yacht Club (BAYC) and Cryptopunks. However, both BAYC and Cryptopunks have seen their base values ​​decline significantly over the past year. On January 1, 2023, the BAYC floor price was 69. 49 Ethereum, and the ETH price was $1,195, for a total of approximately $84. However, as of January 1, 2024, the BAYC floor price has dropped to 26.17 ETH, and Ethereum is now $2,325 per coin, worth approximately $60. #NFT #Solana.blockchain #ETH/USDT