Non-fungible tokens (NFTs) closed 2024 on a strong note, with annual sales surpassing $8.83 billion, according to data from CryptoSlam. This marks a 1.1% increase over the $8.7 billion recorded in 2023, suggesting a modest but notable recovery for the digital collectibles market.

Ethereum and Bitcoin led the charge in 2024, each registering $3.1 billion in NFT sales, while Solana secured third place with $1.4 billion in annual sales.

Ethereum remains the leader in all-time NFT sales, boasting $44.9 billion, followed by Solana at $6.1 billion and Bitcoin-based NFTs with $4.9 billion.

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2024’s Sales Volumes Were Far Cry From Peak Years

Despite the positive growth compared to 2023, 2024’s sales volumes were a far cry from the market’s peak years. In 2021, NFTs generated $15.7 billion in sales, while 2022 saw a staggering $23.7 billion. The 2024 figures represent a decline of 43.9% and 62.8%, respectively, compared to those years.

The rebound in NFT sales toward the end of the year caught many by surprise. Following a seven-month downturn that culminated in September’s lowest sales volumes since 2021, the market began to recover.

October saw an 18% increase in sales, reaching $353 million, and the momentum continued in November with a six-month high of $562 million. December capped off the year with $877 million in NFT sales, the fifth-highest monthly figure for 2024.

NFT's overview:

Market Volume: 2024’s NFT market saw total sales reach $8.5 billion; The number of unique buyers swelled from 4.6 million in 2023 to 7.5 million in 2024, marking a substantial 62% increase.

— Rui (@OITOO) December 28, 2024

The resurgence was driven by Ethereum-based collections, which accounted for $482 million of the month’s sales. Bitcoin-based NFTs contributed $172 million, while Solana-based collections added $100 million.

Among the top-performing collections, Pudgy Penguins dominated with $115 million in sales for December. Other notable collections, including Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club, collectively brought in $141 million.

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NFT Brand RTFKT To Cease Operations By January 2025

Despite the recent rebound in NFT sales, there has been a trend of companies discontinuing their involvement in the NFT space.

In December, RTFKT, the NFT brand behind virtual sneakers and digital collectibles acquired by Nike in 2021, announced it would shut down operations in January 2025.

Before its closure, RTFKT plans to release one final collection, “BLADE DROP,” which it describes as a testament to its boundary-pushing approach and role in merging technology with culture.

Before that, crypto exchange Kraken announced the closure of its NFT marketplace nearly two years after its launch. The company said it aims to allocate resources toward new products and services.

“Clients have been informed of the changes, and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice,” a Kraken spokesperson said.

Starbucks, the renowned multinational coffee chain, has also decided to terminate its NFT rewards program. Moreover, gaming retailer GameStop has announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.

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The post NFT Sales Surge Past $8.8 Billion in 2024, Exceeding 2023 by $100 Million appeared first on 99Bitcoins.