After a boom in the first two months of this year, the non-fungible token (NFT) market is in decline again. This article will take an in-depth look at the current state of the NFT market over the past 30 days and what you can expect in April.
NFT sales fell by 4% in March 2024
Data provided by cryptoslam.io, an on-chain crypto market data aggregator, shows that the global non-fungible token market has seen another crash this month. In the past 30 days, transaction sales in the NFT market reached $1.3 billion, down 4% from the previous month.
The number of crypto investors buying and selling non-fungible token collectibles has also decreased this month. In the past 30 days, the number of investors buying NFTs has dropped by 91.54% to just 84,571, while the number of investors selling NFTs has dropped by 89.63% from the previous month to just 75,484.
Bitcoin was the most active blockchain network in March this month, hosting popular Bitcoin Ordinals and BRC-20 NFTs. In the past 30 days, transaction sales of Bitcoin-based NFT collectibles reached $495 million, an increase of 41% from the previous month.
Ethereum is the second most active blockchain network in the NFT market this month, known for hosting the majority of blue-chip non-fungible token collectibles. In the past 30 days, sales of Ethereum-based NFT collectibles reached $483 million.
Solana, a public, open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, is the third most active blockchain network in the NFT ecosystem this month. In the past 30 days, Solana-based NFT collectibles have generated $238 million in transaction sales.
Polygon, an Ethereum expansion network, is the fourth most active blockchain network in the NFT market this month. In the past 30 days, transaction sales of Polygon-based NFT collectibles reached $35 million. During this time, Polygon NFT sales fell 35% from the previous month.
Mythos is a permissioned EVM chain optimized for gaming assets to support the Mythical Games ecosystem. It is the fifth most active blockchain network in the NFT market this month. In the past 30 days, transaction sales of NFT collectibles based on Mythos Chain reached $31 million. Mythos Chain NFT sales increased by 10% from last month, which is the five most active blockchain networks this month.
Most Sold NFT Collectibles in March 2024
1. Bitcoin Ordinals “Uncategorized” NFTs
Bitcoin Ordinals, a non-fungible token collection created using Satoshi Nakamoto's Ordinal theory based on the Bitcoin blockchain network, is the most sold NFT collection this month. In the past 30 days, Bitcoin Ordinal's transaction sales reached $165 million. Bitcoin Ordinals' sales have increased by 140% in the past month.
2. NodeMonkes NFT Collectibles
NodeMonkes, a limited edition of 10,000 NFTs created on the Bitcoin blockchain network, is the second most sold NFT collectible this month. In the past 30 days, NodeMonkes NFT collectibles have generated $79 million in sales. NodeMonkes NFT sales have increased by 98% from last month.
3. CryptoPunks NFT Collectibles
CryptoPunks, an NFT collection originally created by digital asset incubation studio Larva Labs and now owned by Yuga Labs, is the third most sold NFT collection this month. In the past 30 days, CryptoPunks NFT collections have traded sales of $58 million, an increase of 152% from the previous month.
4. Bored Ape Yacht Club NFT Collectibles
Bored Ape Yacht Club is a non-fungible token collection launched by Digital Asset Incubation Studio with a limited supply of 10,000 orangutans, hosted on the Ethereum network, and is the fourth most sold NFT collection this month. In the past 30 days, the transaction sales of Bored Ape Yacht Club NFT collections reached US$41 million, an increase of 98% from the previous month.
5. Mad Lads NFT Collectibles
Mad Lads, a limited edition of 10,000 NFTs launched by Solana development project Coral and hosted on the Solana blockchain network, is the fifth most sold NFT collectible this month. In the past 30 days, Mad Lads NFT collectibles have traded sales of $35 million, an increase of 57% from the previous month.
Most expensive NFT collectibles sold in March 2024
CryptoPunk #7804 was the most expensive NFT collectible sold in March, sold 11 days ago for $16 million. $ORDI BRC-20 NFT was another most expensive NFT collectible sold this month, sold 15 days ago for $493,000. LockDealNFT #40081 was the third most expensive NFT collectible sold in March, sold 30 days ago for $416,500.
NFT Market Prediction for April 2024
Once the current memecoin craze subsides, the non-fungible token market is expected to regain momentum. It is worth noting that there is seasonality in the market operation. On-chain analysis company Statista predicts that the revenue of the NFT market will reach 2.378 billion US dollars in 2024. The company expects that the revenue will grow at an annual rate of 9.10% and reach a total of 33.6 billion US dollars by 2028.
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