NFT Market Sees A Downward Momentum In 2024

The non-fungible token market, which was blossoming at the start of the year, has suffered another rough quarter.

The non-fungible token market, which was blossoming at the start of the year, has suffered another rough quarter. The NFT market started the year bullish, with its trading sales volume reaching $4.1 billion in Q1 2024. Unfortunately, the NFT market started developing cracks a month later, with trading sales volume flipping to $2.25 billion in Q2 2024 after the market hype that fueled its resurgence faded.

Data compiled by Tiexo.com, an on-chain non-fungible token collection explorer and an analytic hub, shows that the global non-fungible token market has plunged again in sales in Q3 2024. In the past 90 days, the global NFT market has attracted a trading sales volume of just $1.12 billion, representing a 50% plunge from the previous quarter. This is the second time the NFT market has dropped quarter-over-quarter.

The NFT market started the new year healthy and significantly surged in traction, reaching $4.1 billion in Q1 2024. In February 2024, NFT sales climbed to just over $1.290 billion, a 3.6% increase from January’s $1.245 billion. In March 2024, sales jumped to $1.605 billion, up 19.6% from February’s $1.290 billion. NFT sales began tanking at this time after the BRC-20 NFT market hype faded out.

The NFT market has since suffered a month-over-month decline, plunging to $428 million in July 2024. In August 2024, the global NFT market further shrunk, recording a trading sales volume of $393 million. In September 2024, the NFT trading sales volume was reduced to only $299 million. Cumulatively, the NFT market has amassed a trading sales volume of $1.12 billion.

OpenSea, the world’s first and largest Web3 marketplace for non-fungible tokens and crypto collectibles, was the most traded NFT marketplace in Q3, 2024. In the past 90 days, the NFT market has recorded a trading sales volume of $340 million, taking 30% of the total market share. Polygon NFTs took the lion’s share during this time, amassing 65% of the trading sales.

Magic Eden, the leading multi-chain digital market platform supporting non-fungible tokens on Solana, Ethereum, Polygon, and Bitcoin, was the second leading NFT marketplace in Q3 2024. In the past 90 days, the NFT marketplace has recorded a trading sales volume of $307 million. During this period, Bitcoin Ordinals on Magic Eden took the largest share of 56%, Solana NFTs took 36%, Ethereum-based NFTs took 4%and Polygon-based NFTs took the remaining share.

Blur, a unique non-fungible token marketplace and aggregator platform offering advanced features such as real-time price feeds, portfolio management, and multi-marketplace NFT comparisons, was the third leading NFT marketplace in Q3 2024. In the past 90 days, the NFT marketplace has amassed a trading sales volume of $251 million, representing 22% of the total market share.

Tensor, a renowned non-fungible token marketplace providing users with a smooth, fast, and secure NFT trading platform, was the fourth leading NFT marketplace in Q3 2024. In the past 90 days, the NFT marketplace has recorded a trading sales volume of $84 million, representing 7.68% of the total NFT market share. The Solana-based NFTs have taken 100% of the NFT sales volume during this time.

Lastly, CryptoPunks, an innovative NFT marketplace dedicated exclusively to the iconic 10,000 CryptoPunks NFT collection, was the fifth leading NFT market platform in Q3, 2024. In the past 90 days, the CryptoPunks NFT marketplace has recorded a trading sales volume of $41 million, representing 3.75% of the total market share. CryptoPunks has closed our five top-leading NFT marketplaces in Q3, 2024.

Liberty Cats, a non-fungible token collection featuring a limited edition of 9,903 NFTs hosted on the Polygon blockchain network, was the top-leading NFT collection in Q3 2024. In the past 90 days, the Liberty Cats NFT collection has recorded a trading sales volume of $66 million, taking 5.87% of the total market share. The Liberty Cats NFT collection has a floor price of