NFT sales fell 3% in February 2024 – will March bring another uptrend?

The non-fungible token market has seen a sharp decline in February, marked by a turnaround in trading sales volume and rock bottom prices. In this article, we will 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 retrieved by CryptoSlam.io, an on-chain market data aggregator, indicates that the global non-fungible token market experienced a slight decline in February. Over the past 30 days, the NFT market has amassed a trade sales volume of $1.2 billion, which represents a decline of 3.72% from January 2024.

Nevertheless, the number of crypto investors purchasing non-fungible token collections saw a sharp spike in February. Over the past 30 days, nearly one million collectors in the global NFT market have purchased 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. Over the past 30 days, the Ethereum-based NFT collection has recorded a trade sales volume of 573 million, which represents a 37% increase from the previous month.

Source: Cryptoslam.io, NFT sales by blockchain networks

Bitcoin, the popular blockchain network known 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 last 30 days, Bitcoin-based NFT collections have generated a trade 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. Over the past 30 days, Solana-based NFT collections have attracted a trading volume of 224 million. Trading volume for Solana NFTs fell 3.93% in February.

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

Ethereum took the lead in wash trading in February 2024

In terms of wash trading, the Ethereum blockchain network took the lead in February, with a trading volume of $291 million. Solana came in second and raked in trading volume of $47 million. According to the description, wash trading is a form of market manipulation where collectors sell and buy the same NFTs at the same time, creating a false impression of NFT market activity.

Ten best-selling NFTs in February 2024

Source: CryptoSlam.io, Top Selling NFTs

1. Pandora NFT Collection

Pandora, a recently launched NFT collection of 10,000 replicators tied 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 trade 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 sold NFT collection in February. Over the past 30 days, Bitcoin Ordinals NFT collections have recorded a trade sales volume of $66 million, which represents a 38% spike from the previous month.

3. NodeMonkes NFT collection

NodeMonkes, an NFT collection with a limited set of 10,000 NFTs hosted on the Bitcoin blockchain network, was the third most sold NFT collection in February 2024. In the last 30 days, NodeMonke’s NFT collections have registered a trade sales volume of $36 million. Trading sales volume for NodeMonkes decreased by 15.58% from the previous month.

4. DMarket NFT collection

DMarket, an NFT collection hosted on the Mythos Chain blockchain network, was the fourth most sold NFT collection last month. Over the past 30 days, DMarket NFT collections have amassed $27 million in trade sales volume, representing a 37% increase from the previous month.

5. CryptoPunks NFT Collection

CryptoPunks, an NFT collection formerly owned by digital asset firm Larva Labs and containing 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 last 30 days, the CryptoPunks have recorded a trading sales volume of $23 million. Trading volume for CryptoPunks is down 27% from the previous month.

Source: CryptoSlam.io, top selling NFTs in the last 30 days

6. Mad Lads NFT Collection

Mad Lads, an NFT collection from the Solana development project with a limited edition of 10,000 NFTs hosted on the Ethereum blockchain, was the sixth most sold NFT collection in February 2024. Over the past 30 days, the Mad Lads NFT Collection has achieved record sales volume of $22 million, representing a 94% increase from the previous month.

7. Transdimensional NFT Collection

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

8. Bored Ape Yacht Club NFT Collection

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

9. God’s Unchained NFT Collection

Gods Unchained, an NFT collection of the digital trading card Gods Unchained, was the ninth most sold NFT collection last month. Over the past 30 days, the Gods Unchained NFT Collection has amassed a trade sales volume of $21.3 million, which represents an increase of 9.05% from the previous month.

10. Pudgy Penguins NFT Collection

Pudgy Penguins, an NFT collection from famed toy brand Pudgy Penguins featuring a fixed set of 8,888 penguin birds hosted on the Ethereum blockchain network, was the tenth most sold NFT collection in February. Over the past 30 days, the Pudgy Penguins NFT Collection has generated $20.2 million in trade sales volume, closing out our top ten best-selling NFTs in February.

Most expensive NFTs sold in February 2024

The Pandora #57023 was the most expensive NFT collection sold last month, selling for $1.5 million 11 days ago. Budgie was the second most expensive NFT collection sold in February, selling for $1.4 million two days ago. Happy Hoppers Club Posters #09281 was the third most expensive NFT sold last month, retailing for $863,410.

The NFT market forecast for March 2024

The global non-fungible token market is expected to reach $211 billion by 2030, which will be an annual growth of 34.5% between 2024 and 2030. Most crypto and NFT analysts already have a strong forecast before the end of this period recovery of the NFT market and a potential bull run predicted. year. In this new month, the NFT market has already shown bullish signals, increasing trading sales volume by 27% from the previous day.

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