NFT sales reach over $8.7B in 2024

The NFT market recorded over $8.71 billion in revenue in 2024, slightly exceeding last year’s total by approximately $230,000, according to data from CryptoSlam.

This achievement places 2024 as the third-highest annual revenue on record for the NFT sector, despite reduced transaction volumes compared to 2023.

While 2023 recorded 91.55 million transactions, 2024 saw a drop to 70.89 million.

However, the market saw an increase in unique participants, with buyers reaching 7.5 million and sellers totaling 4 million, marking the highest figures since 2017.

By comparison, 2023 saw 3.8 million sellers, and 2022 had 5.4 million buyers.

The NFT market’s trajectory has sparked debates about its sustainability, especially following a decline in enthusiasm.

Analysts point out that while 2024’s figures are well below 2022’s $23.7 billion revenue, they reflect continued market activity and engagement.

For context, 2021 recorded $15.7 billion from 34 million transactions involving 3.6 million sellers and 5 million buyers.

December sales data offered a mixed outlook.

Total sales volumes increased by 19.43% to $912 million, but unique buyers and sellers declined by nearly 28%.

Transactions dropped by 59.25% compared to the previous month, indicating fewer but higher-value exchanges.

Ethereum (CRYPTO:ETH) retained its position as the top blockchain for NFT sales, contributing $495.7 million in December.

Bitcoin (CRYPTO:BTC) followed with $191.4 million, supported by an 80% increase in buyers, while Solana (CRYPTO:SOL) recorded $107 million but saw a 37% drop in its buyer base.

Immutable (CRYPTO:IMX) and Mythos (CRYPTO:MYTH) rounded out the top five with $35 million and $25.4 million in sales, respectively.

The year also brought challenges, such as the announcement of Nike-owned RTFKT’s closure in 2025.

Nonetheless, 2024’s performance demonstrates steady participation in the NFT market amid evolving conditions.