In this week’s newsletter, we delve into the fascinating world of non-fungible tokens (NFTs), which have made a remarkable comeback in 2024. Despite facing numerous challenges throughout the year, NFTs have proven that they are far from dead, with sales volumes exceeding last year’s record by a staggering $100 million.
NFT Sales Volume Hits $8.8 Billion in 2024
According to CryptoSlam, the overall sales volume for NFTs in 2024 reached an impressive $8.8 billion. This represents a modest 1.1% increase compared to last year’s record-breaking sales volume of $9.5 billion.
Top-Performing Blockchains
While NFTs experienced a slow start to the year, they eventually found their footing on various blockchains. Ethereum and Bitcoin emerged as the top-performing blockchains in 2024, with both platforms boasting an impressive $3.1 billion in sales for the year.
Ethereum Reigns Supreme
Despite facing stiff competition from other blockchains, Ethereum remains the undisputed leader in NFT sales. With a staggering $44.9 billion in all-time sales, Ethereum’s dominance is evident. In contrast, Solana’s all-time sales total around $6.1 billion, while Bitcoin-based NFTs recorded a respectable $4.9 billion overall.
Solana Gains Ground
While Ethereum may be the reigning champion of NFT sales, Solana has been gaining ground in recent months. With its robust decentralized finance (DeFi) ecosystem and fast transaction speeds, Solana has become an attractive platform for developers and artists alike. In 2024, Solana’s sales volume reached $1.4 billion, a significant increase from last year’s totals.
The Decline of Runes
In other news, the once-dominant Runes protocol on Bitcoin experienced a sharp decline in transaction share by the end of 2024. Despite reaching an impressive 753,000 transactions in April, Runes’ transaction count struggled throughout December. While the protocol did manage to capture a 19.9% share on Christmas Day, its average share for the month hovered around 9%, indicating a decrease in investor interest.
NFTs: Surviving Challenges and Embracing Growth
Despite facing numerous challenges, including regulatory hurdles and a seven-month downturn, NFTs have proven that they are here to stay. As the trading volume for digital collectibles continues to grow, it’s clear that NFTs are still alive and kicking.
Expert Predictions for 2025
Industry experts, such as Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai, have shared their predictions for the future of NFTs. In an exclusive interview with Cointelegraph, they discussed the potential growth of NFTs in 2025, highlighting the importance of regulatory clarity and the need for more innovative use cases.
Stay Ahead of the Curve
As we continue to navigate the ever-changing landscape of NFTs, it’s essential to stay informed about the latest developments. Our newsletter provides you with a comprehensive digest of the week’s most notable news stories, ensuring that you’re always up-to-date on market trends and emerging opportunities.
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