Hyperliquid (hype) 
2024’s NFT Market Recovery: December Sales Reach $877 Million
Non-fungible token (NFT) sales surged to $877 million in December, making it the second-best month of 2024. This boost capped off a wild year for the NFT market, which saw a sharp recovery in the last quarter.
NFT Sales in 2024: A Year of Recovery
According to NFT sales data, the total sales for 2024 finished at $8.83 billion, surpassing 2023 by over $100 million. While the 1.1% growth might not seem huge, it highlights the market’s ability to bounce back after months of falling sales.
Ethereum NFTs Lead the Way
Ethereum-based collections like Pudgy Penguins, Azuki, and Bored Ape Yacht Club drove December’s sales. Ethereum NFTs led the month, bringing in $488.4 million of the total sales. Pudgy Penguins took the lead, with over $285 million in trading volume, while other collections like Lil Pudgys and Azuki together added another $222 million.
“As a trigger for that repricing, we have the current ‘token attached to NFTs’ meta. Projects like Pudgy Penguins, Doodles, and Azuki have either launched or announced plans for meme/L2 gov tokens, which have driven significant interest and repricing in blue-chip NFTs.”
Expert Insights: The NFT Market’s Future
Nicolás Lallement, co-founder of NFT Price Floor, notes that the NFT market had a “strong Q1 2024 for both Ordinals (Bitcoin) and Solana NFT collections.” He believes that the repricing of Ethereum-based collections was long overdue and that the current trend will likely continue into 2025, benefiting the entire NFT ecosystem.
NFT Sales by Quarter: A Year in Review
The NFT market really bounced back in Q4. After a tough Q3, with only $1.12 billion in sales, it shot up by 96%, reaching $2.2 billion in Q4. November’s $562 million in sales helped set things up for December’s near-billion-dollar showing.
Industry Experts Weigh In
Researchers at DappRadar note that the rise in token prices probably fueled optimism, drawing new buyers into the space. Sara Gherghelas, blockchain analyst at DappRadar, believes that the divergence “can be attributed to renewed trading activity in high-value collections, such as those from Yuga Labs, coupled with rising token prices.”
A Year of Growth, but Still Far from Its Peak
Despite the year-end rally, 2024’s total NFT sales remain far below the market’s peak years. In 2021, NFTs generated $15.7 billion in sales, nearly double this year’s figures. The following year was even more impressive, with $23.7 billion in sales.
NFTs: A Unique Position in the Market
Lallement believes that NFTs hold a “unique position” as both high-risk speculative assets and status symbols. He explained that, historically, during the later stages of a bull market, participants who have seen their wealth grow tend to shift their focus from speculative investments to status assets like digital art and collectibles.
Marketplace Activity: A Look at the Top Players
Blur and OpenSea were the top marketplaces in Q4, making up almost 70% of all NFT sales. Blur turned out to be the leader with over $885 million in sales for the quarter, while OpenSea followed with $607 million. Magic Eden, which focuses on Solana NFTs, recorded $365 million in sales.
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