NFT Sales Decline Over 50% Again in Q3 2024 Amid Market Slump

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The non-fungible token (NFT) sector, which saw impressive growth at the beginning of the year, has faced another challenging quarter. The NFT market kicked off the year on a high note, racking up $4.1 billion in trading sales volume during Q1 2024. However, just a month later, the NFT market began to show signs of weakness, with trading sales volume plummeting to $2.25 billion in Q2 2024 as the hype that initially propelled its growth began to wane.

According to data from Tiexo.com, a non-fungible token collection analytics platform, the global NFT market has seen yet another decline in sales during Q3 2024. Over the last 90 days, the global NFT market only garnered a trading sales volume of $1.12 billion, marking a 50% decrease from the earlier quarter. This drop represents the second consecutive quarter of declining sales for the NFT market.

NFT Market Experiences Declining Trends in 2024

The NFT market started the year robustly, showing substantial growth with a trading sales volume of $4.1 billion in Q1 2024. By February 2024, NFT sales hit just over $1.290 billion, which was a 3.6% rise from January’s $1.245 billion. March 2024 saw sales soar to $1.605 billion, an increase of 19.6% from February’s figures. However, sales began to decline once the excitement surrounding the BRC-20 NFT market subsided.

monthly nft sales 2024

Source: CryptoSlam.io, monthly NFT sales volume

In April 2024, the NFT market encountered a further decline, with trading sales volume sinking to $1.2 billion, approximately a 205% drop from the preceding month. In May 2024, the downturn intensified, pushing trading sales down nearly 50% to $599 million. June 2024 worsened the situation, with trading sales falling to $436 million. The total trading sales volume for Q2 2024 was around $2.25 billion.

Since then, the NFT market has continued to experience month-over-month falls, declining to $428 million in July 2024. In August 2024, the market further contracted, hitting a trading sales volume of $393 million. By September 2024, trading sales had dwindled to just $299 million. Overall, the NFT market has recorded a trading sales volume of $1.12 billion.

Leading NFT Marketplaces in Q3, 2024

OpenSea, the leading and first Web3 marketplace for NFTs and crypto collectibles, was the most active NFT marketplace in Q3, 2024. Over the last 90 days, OpenSea’s trading sales volume reached $340 million, capturing 30% of the total market share. During this period, Polygon-based NFTs accounted for the majority of the trading sales, representing 65% of the volume.

Tiexo NFT sales volume

Magic Eden, a top multi-chain digital marketplace for NFTs on platforms like Solana, Ethereum, Polygon, and Bitcoin, was the second leading NFT marketplace in Q3 2024. Within the last 90 days, it recorded a trading sales volume of $307 million. During this period, Bitcoin Ordinals on Magic Eden commanded the largest share at 56%, followed by Solana NFTs at 36%, Ethereum-based NFTs at 4%, and Polygon-based NFTs taking the remaining portion.

Blur, a novel NFT marketplace and aggregator specializing in advanced features such as real-time price tracking, portfolio management, and multi-marketplace NFT comparisons, emerged as the third most popular NFT marketplace in Q3 2024. It recorded a trading sales volume of $251 million, representing 22% of the overall market share.

Tensor, a respected NFT marketplace that offers users a seamless and secure trading experience, ranked fourth among NFT marketplaces in Q3 2024. It accumulated a trading sales volume of $84 million, accounting for 7.68% of the total NFT market share, with Solana NFTs representing 100% of its volume during this time.

Lastly, CryptoPunks, a niche NFT marketplace solely dedicated to the legendary collection of 10,000 CryptoPunks NFTs, secured the fifth position among NFT marketplace leaders in Q3 2024. Over the last 90 days, CryptoPunks generated a trading sales volume of $41 million, which is equivalent to 3.75% of the overall market share, rounding out our list of the top five NFT marketplaces for the quarter.

Leading NFT Collections in Q3, 2024

The Liberty Cats, a limited edition NFT collection comprising 9,903 NFTs hosted on Polygon, was the top-performing NFT collection in Q3 2024. It achieved a trading sales volume of $66 million, capturing 5.87% of the market share. The floor price for the Liberty Cats NFT collection stands at 87,436 MATIC.

Pudgy Penguins, an NFT collection by the digital asset firm Igloo featuring a fixed edition of 8,888 NFTs on Ethereum, was the second most notable NFT collection in Q3 2024. It achieved a trading sales volume of $48.32 million, accounting for 4.26% of the total market share.

Bored Ape Yacht Club, an NFT collection by Yuga Labs featuring a limited edition of 10,000 NFTs on Ethereum, ranked third in Q3 2024. It garnered a trading sales volume of $46 million, which constitutes 4.14% of the market share.

CryptoPunks, showcasing a limited set of 10,000 Ethereum-based NFTs once offered by Larva Labs, but now managed by Yuga Labs, ranked fourth in Q3 2024. The trading sales volume for CryptoPunks during these 90 days reached $41 million, making up 3.62% of the total market share.

Solana Monkey Business, an NFT collection featuring 5,000 unique 24×24 pixel-generated monkeys on the Solana blockchain, ranked fifth in Q3 2024. It achieved a trading sales volume of $35 million, representing 3.15% of the market share.

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