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NFT Market Downturn Analysis
The NFT market experienced a downturn for the second time in the current year, following the gradual fade of early hype in 2024. Non-fungible tokens (NFTs) sales plunged by nearly 4% in March, a considerable decline as investor buying decreased by 91.54%, totaling only 84,571 compared to the previous month’s 89.63% with 75,484 transactions.
Crypto Networks and NFT Sales Volume
- Bitcoin: Being the most traded cryptocurrency and blockchain network, Bitcoin hosted the popular BRC 20 and Bitcoin Ordinals NFTs, gathering $495 million in trading sales volume. This marked a significant 41% increase from the previous month.
- Ethereum: As the second most popular blockchain network, Ethereum amassed $483 million in sales volume for its NFT collections.
- Solana: Solana NFT collections achieved $283 million in trading sales volume.
- Polygon: Polygon-based NFT collections saw a decline in trading sales volume, totaling $35 million, translating to a notable 35% decrease from the previous month.
- Mythos: Mythos-based NFT collections amassed $31 million in trading sales volume, indicating a 10% increase from the prior month.
Popular NFT Collections in March 2024
- Uncategorized Bitcoin Ordinals NFTs: Developed on Bitcoin utilizing the Ordinal theory of Satoshi Nakamoto, this collection became the top seller in March with a trading sales volume of $165 million, marking a substantial 140% increase from the previous month.
- NodeMonkes NFTs: NodeMonkes NFT collection, created on Bitcoin, emerged as the second most-sold NFT collection in March, generating $79 million in trading sales volume, reflecting a 98% rise from the prior month.
- CryptoPunks NFT: This collection claimed the third spot with $58 million in trading sales volume, representing a 152% increase from the previous month.
- Bored Ape Yacht Club NFT: Securing the fourth position, this collection recorded over $41 million in trading sales volume, signifying a 98% rise from the previous month.
- Mad Labs NFT: On the Solana blockchain, this collection ranked fifth with $35 million in trading sales volume, demonstrating a 57% increase from the previous month.
The aforementioned collections outline the dynamics of the NFT market in March, showcasing significant fluctuations in trading sales volume and user engagement across various blockchain networks.
Market Projections and Future Outlook
The NFT market is anticipated to regain momentum post the prevailing meme coin frenzy, with projections indicating a return to heightened activity. Operating in a cyclical manner, the NFT market’s revenues are forecasted to reach $2.37 billion in 2024, with an annual growth rate of 9.10%. By the conclusion of 2028, revenue estimations stand at a promising $3.36 billion, underscoring the market’s potential for sustained growth.
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