NFT Sales Surge in December, Marking Second Highest of 2024
Ending the year on a high note, December’s sales of non-fungible tokens climbed to $877 million, making it the second-best month in 2024. Blockchain-based digital collectibles had a strong December, wrapping up a wild year for the NFT market.
According to CryptoSlam, NFT sales for 2024 finished at $8.83 billion, surpassing 2023 by over $100 million. While the 1.1% growth may not seem large, it highlights the market’s resilience after months of declining sales.
December stood out largely due to Ethereum-based collections like Pudgy Penguins, Azuki, and Bored Ape Yacht Club. Ethereum NFTs led the month, contributing $488.4 million of the total sales.
In a statement to crypto.news, Nicolás Lallement, co-founder of NFT Price Floor, mentioned that there was a strong first quarter for both Ordinals (Bitcoin) and Solana NFT collections. He noted that a repricing of Ethereum-based collections was overdue, influenced by projects launching governance tokens.
Looking forward to 2025, Lallement anticipates a trickle-down effect that will enhance the entire NFT ecosystem, beginning with collections associated with airdrops and extending to high-value collections on Ethereum and other platforms.
Despite 2024’s end-of-year rally, total sales still lag far behind the market peaks of 2021 and 2022. For NFTs to recapture those heights, significant price milestones for BTC and ETH are necessary. Once achieved, a reallocation of wealth towards NFTs could trigger renewed interest and inflated valuations.
Key Takeaways
- Robust December Sales: NFT sales reached $877 million, marking the second-highest month in 2024.
- Strong Ethereum Growth: Major sales were driven by Ethereum-based collections like Pudgy Penguins and Azuki.
- Market Recovery: The NFT market displayed resilience with a total of $8.83 billion in sales for the year.
- Future Outlook: Anticipation grows for a continued trend in the NFT ecosystem into 2025.