NFT Sales Nose Dived 3% In Feb 2024 – Will March Bring Back An Upward Trend?

On Mar 1, 2024

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The non-fungible token market has seen a sharp decline in February, marked by a flip in trading sales volume and floor prices. In this article, we shall assess whether the NFT market will bring an uptrend this new month. Most crypto and NFT analysts have already predicted a potential bull run before the end of this year.

NFT Sales Fell 3% In February 2024

Data fetched by CryptoSlam.io, an on-chain market data aggregator, indicates that the global non-fungible token market experienced a slight decline in February. In the past 30 days, the NFT market has amassed a trading sales volume of $1.2 billion, representing a 3.72% fall from January 2024.

Nonetheless, the number of crypto investors who bought non-fungible token collections saw a sharp spike in February. In the past 30 days, the global NFT market has seen nearly one million collectors buying NFTs, representing a 967% spike from the previous month.

Ethereum, the largest blockchain network for NFTs, was the most traded blockchain network in the NFT ecosystem in February. In the past 30 days, the Ethereum-based NFT collection has recorded a trading sales volume of 573 million, representing a 37% surge from the previous month.

Source: Cryptoslam.io, NFT sales by blockchain networks

Bitcoin, the popular blockchain network renowned in the NFT market for its Bitcoin Ordinals NFTs, which once took the NFT world by storm, was the second most traded blockchain network in the NFT ecosystem. In the past 30 days, the Bitcoin-based NFT collections have raised a trading sales volume of $311 million. Trading sales volume for Bitcoin NFTs fell 18% in February.

Solana, an open-source blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, was the third most traded blockchain network in the NFT ecosystem in February. In the past 30 days, Solana-based NFT collections have attracted a trading sales volume of 224 million. Trading sales volume for Solana NFTs fell 3.93% in Feb.

Polygon, an Ethereum scaling solution, and Mythos Chain blockchain network were the fourth and fifth most traded blockchain networks in the NFT ecosystem in February. In the past 30 days, Polygon-based NFT collections have attracted a trading sales volume of 37 million, while Mythos Chain-based NFTs have amassed a trading sales volume of $28 million.

Ethereum Took Lead In Wash Trading In Feb 2024

In terms of wash trading, the Ethereum blockchain network took the lead in February, amassing a trading volume of $291 million. Solana emerged second, attracting a trading sales volume of $47 million. By description, wash trading is a form of market manipulation in which collectors simultaneously sell and buy the same NFTs, creating a false impression of NFT market activity.

Ten Top Selling NFTs In Feb 2024

Source: CryptoSlam.io, top-selling NFTs

1. Pandora NFT Collection

Pandora, a newly launched NFT collection of 10,000 Replicators bound to the first tokens built on ERC404, an experimental token standard similar to ERC-20 and ERC-721, was the top-selling NFT collection in February 2024. In the past 30 days, the Pandora NFT collection has amassed a trading sales volume of $147 million.

2. Bitcoin Ordinal NFT Collection

Bitcoin Ordinals, an NFT collection created on the Bitcoin blockchain network using the Ordinal theory, was the second most-selling NFT collection in February. In the past 30 days, Bitcoin Ordinals NFT collections have recorded a trading sales volume of $66 million, representing a 38% spike from the previous month.

3. NodeMonkes NFT Collection

NodeMonkes, an NFT collection featuring a limited set of 10,000 NFTs hosted on the Bitcoin blockchain network, was the third most-selling NFT collection in February 2024. In the past 30 days, NodeMonkes NFT collections have recorded a trading sales volume of $36 million. The trading sales volume for NodeMonkes fell 15.58% from the previous month.

4. DMarket NFT Collection

DMarket, an NFT collection hosted on the Mythos Chain blockchain network, was last month’s fourth most-selling NFT collection. In the past 30 days, DMarket NFT collections have amassed a trading sales volume of $27 million, representing a 37% surge from the previous month.

5. CryptoPunks NFT Collection

CryptoPunks, an NFT collection previously from the digital asset firm Larva Labs featuring a limited set of 10,000 pixilated NFTs hosted on the Ethereum blockchain network, was the fifth most-selling NFT collection in February. In the past 30 days, the CryptoPunks have recorded a trading sales volume of $23 million. Trading sales volume for CryptoPunks has dropped by 27% from the previous month.

Source: CryptoSlam.io, top selling NFTs In the past 30 days

6. Mad Lads NFT Collection

Mad Lads, an NFT collection from the Solana development project featuring a limited edition of 10,000 NFTs hosted on the Ethereum blockchain, was the sixth most-selling NFT collection in February 2024. In the past 30 days, the Mad Lads NFT collection has recorded a sales volume of $22 million, representing a 94% surge from the previous month.

7. Transdimensional NFT Collection

Transdimensional Fox Federation, an NFT collection featuring a fixed supply of 7,779 NFTs hosted on the Solana blockchain network, was the seventh most-selling NFT collection in February. In the past 24 hours, the NFT collection has recorded a trading sales volume of $21.5 million.

8. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a fixed set of 10,000 NFTs hosted on the Ethereum blockchain network, was the eighth most-selling NFT collection in February. In the past 30 days, the Bored Ape Yacht Club NFTs have recorded a trading sales volume of $21.4 million.

9. Gods Unchained NFT Collection

Gods Unchained, an NFT collection from the digital trading card Gods Unchained, was the ninth most-selling NFT collection in the past month. In the past 30 days, the Gods Unchained NFT collection has amassed a trading sales volume of $21.3 million, representing a 9.05% surge from the previous month.

10. Pudgy Penguins NFT Collection

Pudgy Penguins, an NFT collection from the famous toy brand Pudgy Penguins featuring a fixed set of 8,888 penguin birds hosted on the Ethereum blockchain network, was the tenth most-selling NFT collection in February. In the past 30 days, the Pudgy Penguins NFT collection has garnered a trading sales volume of $20.2 million, closing our ten top-selling NFTs in February.

Most Expensive NFTs Sold In Feb 2024

The Pandora #57023 was the top most expensive NFT collection sold in the past month, selling for $1.5 million eleven days ago. Budgie was the second most costly NFT collection sold in Feb, selling for $1.4 million two days ago. Happy Hoppers Club Posters #09281 was the third most expensive NFT sold last month, selling for $863,410.

The NFT Market Prediction For March 2024

The global non-fungible token market is anticipated to reach $211 billion in 2030, registering an annual growth of 34.5% from 2024 to 2030. Most crypto and NFT analysts have already predicted a strong NFT market recovery and potential bull run before the end of this year. In this new month, the NFT market has already showcased bullish signs, raising 27% in trading sales volume from the previous day.