 NFT comeback pushes 2024 volume to $8.8B: Nifty Newsletter 
2025-01-02
Category: None

In this week’s newsletter, read how non-fungible tokens (NFTs) in 2024 surpassed their 2023 sales record by $100 million, proving that blockchain-based digital collectibles are not dead. Check out how Runes, once a dominant protocol in the Bitcoin blockchain, had a decline in transaction share in December. And don’t forget to read the New Year Special, which provides a recap of what happened with NFTs in 2024. 
NFTs record $8.8B sales volume in 2024 — CryptoSlam
While NFTs had a slow year, the overall sales volume for the asset class in 2024 reached $8.8 billion. The amount recorded by digital collectibles surpassed 2023 by $100 million, marking a 1.1% increase year-on-year. 
Ethereum and Bitcoin were on top of the NFT game, with both blockchains having $3.1 billion in sales for the year. The third-biggest blockchain in 2024 was Solana, which recorded a sales volume of $1.4 billion. 
Despite this, Ethereum still leads the pack in all-time sales, with its $44.9 billion record. Meanwhile, Solana’s all-time sales are around $6.1 billion, while Bitcoin-based NFTs recorded $4.9 billion overall. 
Bitcoin Runes loses momentum by 2024 end
Transactions on the Runes protocol on Bitcoin dropped significantly in December, with its transaction count struggling. 
On April 23, Runes had over 753,000 transactions, surpassing the Ordinals protocol, BRC-20s and Bitcoin transactions. The record gave runes over 80% of all Bitcoin-based transactions. 
However, in December, the protocol’s transaction share fell hard. Apart from Christmas Day, when the protocol had a 19.9% share in Bitcoin transactions, the rest of December showed an average share of 9%, reflecting a decrease in investor interest in Runes-based Bitcoin NFTs. 
NFTs in 2024: Surviving challenges, embracing growth, eyeing the future
NFTs continued to exist in 2024 despite challenges that gave holders a tough time. While some declared NFTs dead, the trading volume for digital collectibles proved that they are very much alive. While the asset class survived, it faced various challenges, from regulatory hurdles to a seven-month downturn. 
Animoca Brands Chairman Yat Siu and OKX’s global chief commercial officer Lennix Lai shared their 2025 NFT market predictions with Cointelegraph.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.