NFTs reach $8.8B in 2024 sales with strong December finish

Non-fungible tokens (NFTs) recorded $8.83 billion in sales in 2024, a 1.1% increase from the $8.7 billion reported in 2023, according to CryptoSlam.

December contributed $877 million to this figure, making it the fifth-highest performing month of the year.

Ethereum (CRYPTO:ETH) and Bitcoin (CRYPTO:BTC) dominated the NFT market, each generating $3.1 billion in annual sales.

Solana (CRYPTO:SOL) secured the third spot with $1.4 billion in total sales.

Ethereum also maintained its position as the leading blockchain for all-time NFT sales at $44.9 billion, followed by Solana with $6.1 billion and Bitcoin with $4.9 billion.

Despite the year-on-year growth, 2024’s sales were significantly below the market's peak in 2021 and 2022.

Sales volumes in 2024 were 43.9% lower than the $15.7 billion recorded in 2021 and 62.8% below the $23.7 billion in 2022.

Yat Siu, chairman of Animoca Brands, expressed optimism about NFTs’ future, stating that as crypto markets expand, NFT trading volumes could exceed billions monthly.

“Every Web3 component will follow,” he predicted.

NFT sales showed renewed strength in the fourth quarter after a challenging year.

September marked the lowest monthly sales since 2021, but October reversed the trend with $353 million in sales, an 18% increase from the previous month.

The momentum continued in November with $562 million, and December capped the year with $877 million, driven by Ethereum-based collections that accounted for $482 million.

Among December’s top-performing collections were Pudgy Penguins (CRYPTO:PENGU), which led with $115 million in sales.

Other notable collections, including Azuki (CRYPTO:AZUKI), LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, collectively added $141 million.

Bitcoin-based NFTs recorded $172 million in December sales, while Solana-based collections contributed $100 million, reflecting diverse activity across blockchain platforms.