A look at what’s next for the NFT market

The NFT market suffered another downturn this year for the second time after the early hype faded gradually in 2024. Non-fungible tokens or NFT sales plunged by almost 4% in March as investor buying declined by 91.54% to only 84,571 against 89.63% to 75,484 in the previous month.

• Bitcoin, the most traded crypto and blockchain network, hosts the popular BRC 20 and Bitcoin Ordinals NFTs and has attracted $495 million in trading sales volume, projecting an increase of 41% from the previous month. 
• Ethereum, the second most popular and traded blockchain network, has garnered $483 million in sales volume for its NFT collections. 
• Solana NFT collections recorded $283 million in trading sales volume.
• Polygon-based NFT collections garnered $35 million in trading sales volume, a significant decline of 35% from the previous month.
• Mythos-based NFT collections amassed $31 million in trading sales volume, projecting a surge of 10% from the previous month.

Among these popular NFT collections, the most-selling NFTs in March 2024 are –

• The “uncategorized” Bitcoin Ordinals NFTs – The non-fungible tokens developed on Bitcoin using the Ordinal theory of Satoshi Nakamoto, Bitcoin Ordinals is the top-selling NFT collection in March, recording $165 million in trading sales volume, projecting a sudden increase by almost 140% in the last month.
• NodeMonkes NFTs – NodeMonkes NFT collection, featuring 10,000 limited edition NFTs created on Bitcoin, became the second most-selling NFT collection in March with a trading sales volume of $79 million and an increase of 98% from the previous month. 
• CryptoPunks NFT – The CryptoPunks NFT collection was the third most-selling NFT, amassing $58 million in trade sales volumes, projecting a rise of 152% from the previous month. 
• Bored Ape Yacht Club NFT – The Bored Ape Yacht Club NFT collection is the fourth most-selling NFTs in March, recording a trading sales volume of over $41 million and representing an increase of 98% from the previous month.
• Mad Labs NFT – The Mad Labs NFT collection on the Solana blockchain network became the fifth most-selling NFT, recording $35 million in trading sales volume and projecting a 57% rise in sales from the previous month. 
• DMarket NFT – The DMarket NFT collection, hosted on Mythos, recorded $30 million in trading sales volume, with a surge of 9.88% from the previous month.
• Pandora NFT – The Ethereum-based Pandora NFT collection is the seventh most-selling NFT whose trading sales volume raised $29 million, and the sales volume dropped by 80% from the previous month. 
• Froganas NFT – The Froganas NFT collection, created on Solana, recorded $27 million in trading sales volume, with NFT sales increasing by almost 49% from the previous month. 
• Pudgy Penguins NFT – Based on Ethereum, the Pudgy Penguins NFT collection raised $26 million in trading sales volume, representing a significant spike of 29.59% from the previous month. 
• Gods Unchained NFT – The Gods Unchained NFT collection recorded $19 million in sales volume, closing the top 10 selling NFT collections in March 2024.

The NFT market is estimated to regain traction once the existing mania surrounding meme coins fades. It is worth mentioning that the NFT market operates in a seasonal fashion. The famous on-chain analytical firm Statista has estimated NFT market revenues to reach $2.37 billion in 2024, projecting an annual growth rate of 9.10% and an estimated revenue of $3.36 billion by the end of 2028.