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.
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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.
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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.
