In this week’s newsletter, we delve into the world of non-fungible tokens (NFTs) and explore their performance in 2024. Despite a slow year for NFTs, the overall sales volume for the asset class reached $8.8 billion, surpassing 2023 by $100 million.
NFT Sales Volume Reaches $8.8B in 2024
According to CryptoSlam, the NFT sales volume in 2024 reached a staggering $8.8 billion. This represents a 1.1% increase year-on-year compared to 2023. While this may seem like a modest growth rate, it is essential to note that the NFT market experienced a significant downturn in the middle of 2024.
Top-Performing Blockchains
Ethereum and Bitcoin dominated the NFT landscape in 2024, with both blockchains recording sales volumes of over $3.1 billion for the year. Solana, however, was a close third, with its sales volume reaching $1.4 billion.
| Blockchain | Sales Volume (2024) |
| — | — |
| Ethereum | $3.1B |
| Bitcoin | $3.1B |
| Solana | $1.4B |
All-Time Sales Leaders
Ethereum remains the leading blockchain in terms of all-time sales, with a record of $44.9 billion. Solana’s all-time sales are significantly lower at around $6.1 billion, while Bitcoin-based NFTs have recorded an overall sales volume of $4.9 billion.
| Blockchain | All-Time Sales |
| — | — |
| Ethereum | $44.9B |
| Solana | $6.1B |
| Bitcoin | $4.9B |
Runes’ Decline in Transaction Share
In a surprising turn of events, the Runes protocol on the Bitcoin blockchain experienced a significant decline in transaction share by the end of 2024. After reaching a record high of over 80% of all Bitcoin-based transactions in April 2024, its transaction count struggled in December.
April 23, 2024: A Record-Breaking Day for Runes
On April 23, 2024, the Runes protocol surpassed other popular protocols like Ordinals and BRC-20s, with a record-breaking 753,000 transactions. This dominance lasted until December 2024.
December 2024: A Decline in Transaction Share
In contrast to its impressive performance in April, the Runes protocol experienced a decline in transaction share in December 2024. On average, its transaction share was around 9%, with the exception of Christmas Day when it reached 19.9%.
NFTs in 2024: Surviving Challenges and Embracing Growth
Despite facing numerous challenges throughout the year, including regulatory hurdles and a seven-month downturn, NFTs continued to thrive in 2024. The trading volume for digital collectibles proved that they are indeed very much alive.
Industry Experts’ Predictions for 2025
Cointelegraph spoke with Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai, who shared their insights on the NFT market in 2025. Their predictions offer a glimpse into what the future may hold for this rapidly evolving space.
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