NFT Revenue Surges in 2024, Surpassing Last Year’s $8 Billion Benchmark!

The wider non-fungible token (NFT) market has exceeded expectations after surpassing last year’s revenue threshold.

Information gathered by CryptoSlam indicates that with less than a week remaining until 2024 concludes, NFT sales for the year have totaled $8,717,920,832, surpassing 2023’s figures by approximately $230,000.

The Figures

In the prior year, the industry recorded over 91.55 million transactions, yielding $8.71 billion according to CryptoSlam. Conversely, in 2024, the overall transactions decreased significantly, reaching only 70.89 million.

However, a rise in distinct buyers and sellers helped stabilize the situation, with the former reaching 7.5 million and the latter hitting 4 million. These represent the highest recorded numbers since 2017, with the closest figures being the 3.8 million sellers noted last year and the 5.4 million buyers in 2022.

There have long been conversations about the future of the NFT sector, with the excitement that once surrounded them subsiding considerably. Nevertheless, analysts have cautioned against completely dismissing the industry, a feeling substantiated by this year’s results, which, while still falling short of 2022’s record sales of $23.7 billion from 56 million transactions, have proven to be significantly better than anticipated.

The next highest period was 2021, when the sector amassed $15.7 billion from 34 million transactions involving 3.6 million unique sellers and over 5 million buyers. The figures for 2024 are poised to represent the third-highest returns on record, slightly outperforming last year’s numbers.

The sector also recently faced setbacks when the Nike-affiliated RTFKT project announced plans to cease operations in 2025 after generating nearly $50 million since its inception.

Monthly Overview

Furthermore, transactions experienced a 59.25% reduction from the previous month, hinting that fewer but more significant exchanges may have propelled the sector’s growth.

Overall, Ethereum continues to dominate the blockchain landscape for NFT sales, contributing $495.7 million in just the last 30 days. Bitcoin and Solana followed in second and third places, respectively generating $191.4 million and $107 million during that timeframe.

Interestingly, the two blockchains went in entirely opposite directions regarding drawing in buyers. CryptoSlam data reveals that NFT buyers on the Bitcoin network surged by over 80% in the last month, whereas those on Solana experienced a decline of at least 37%.

Immutable and Mythos completed the top five blockchains by monthly NFT sales volume. The former recorded $35 million in sales, a 66.51% increase from the prior month, while the latter fell by 36.72% from its total in the same period, only reaching $25.4 million.