February 2024’s Market Trends and Top Projects Explored in The NFT Report
The month of February brought about several significant events that would shape the future of blockchain, cryptocurrency, and NFTs. From research revealing the high failure rate of new crypto projects to the Empire State Building launching NFT rewards, there is plenty of NFT news that you should be aware of.
Here we present a comprehensive report by Coinpedia that highlights the major developments in the NFT space in February 2024. Let’s dive in!
Key Metrics
The first week of February witnessed a 25% surge in sales in the NFT sector.
Bitcoin NFTs on Magic Eden had their most successful month in terms of fees and trading volume. The platform’s NFT market reached its peak in February with over $100 million in trading volume generated by digital collectibles traders.
The Solana blockchain experienced tremendous success in the NFT space, with sales crossing the $5 billion mark as of February 26, 2024.
Revenue in the NFT space is projected to reach $2,378 million in 2024.
After a downturn between January 20 and January 27, 2024, the NFT market experienced some relief.
However, the most recent week in 2024 witnessed a notable decline of 5.05% in digital collectibles sales.
The total sales volume amounted to $228,327,660 during the last week of February.
Bitcoin dominated the NFT market in November and December 2023, maintaining its position in January 2024.
But in recent weeks of February, Ethereum reclaimed its position as the leader in NFT sales volume.
Ethereum’s NFT sales reached $74.97 million in the last week of February.
Bitcoin’s NFT space recorded $55.92 million in sales during the same period, closely followed by Solana with $53.69 million in sales volume.
Polygon saw NFT sales worth $15.66 million, and Avalanche secured the fifth position with $7.98 million in sales.
All of the top five blockchains experienced double-digit losses, reflecting the broader market trend.
Ronin, the blockchain supporting Axie Infinity, witnessed a 209.09% surge and reached $1.76 million in NFT sales.
Let’s explore further trends in the NFT space in February 2024.
Market Overview: NFTs in February 2024
In terms of blockchains hosting NFTs, Ethereum’s NFT market experienced a surge in trading activity in mid-February, with weekly volume reaching its highest level since February 2023.
Sales on the Ethereum network surged by 100% in the first week of February, totaling a staggering $158 million.
The Pudgy Penguins collection ranked third in terms of market capitalization in mid-February.
In the last week of February, Bitcoin NFTs dominated the trading volume on Magic Eden, reaching $100 million in trading volume for the month.
Popular collections like NodeMonkes and Puppets led the way.
Arbitrum emerged as the star in the last week of February, leading in NFT sales volume.
Here are the important metrics:
– Global NFT market cap as of February 28, 2024: $56.85 billion
Major Projects in NFT in February 2024
Let’s discuss the top projects in the NFT space in February 2024.
4.1. Top NFT Blockchains in February
The daily NFT sales volume on the Arbitrum blockchain recovered in the last 24 hours, as of February 27, 2024. It is now the fourth-largest blockchain in terms of total NFT volume sales, surpassing Ethereum and Solana.
Arbitrum experienced a 119.41% surge in sales volume on February 27. Wash trading was a notable trend in the NFT marketplace in February.
The Arbitrum blockchain recorded 8,094 transactions in the last day, representing a 9.04% increase.
Solana and Ethereum saw smaller increases in their daily sales volume, at 26.69% and 5.42% respectively.
Solana’s total sales volume reached $10.9 million, while Ethereum witnessed a 19.33% decline in wash sales.
Arbitrum, Bitcoin, and BNB were among the top gainers in the last week of February.
According to recent analysis:
Arbitrum emerged as the biggest winner with a massive 373.18% surge. The number of buyers and sellers also increased significantly, with a 69% surge (approximately 35,000 buyers) and a 56% increase (27,000 sellers) in the last week.
Ethereum topped the list as the blockchain with the highest NFT sales volume, totaling $202.5 million.
Solana remained the leader in terms of transactions and user metrics. The blockchain recorded 860,714 transactions in the last week, with over 242,041 buyers and 144,395 sellers.
4.2. Top NFTs in February
Decentraland
Decentraland regained its status as one of the top virtual worlds. The game underwent an overhaul that significantly improved the overall user experience. Experts are highly optimistic about Decentraland’s performance in 2024.
In February 2024, it made headlines as one of the GameFi platforms and tokens racing to reach $1 in the crypto market. MANA is currently priced at $0.57, and the market sentiment is overwhelmingly bullish.
The Sandbox
The token is currently priced at $0.56 and is expected to perform well in the near future, with a potential increase of 5.73%.
Pudgy Penguins
Pudgy Penguins partnered with Unstoppable Domains to launch exclusive ‘.pudgy’ domain names. It had a remarkable performance in February 2024.
Azuki NFTs
Azuki NFTs performed well in the month of February 2024, showing progress in various aspects.
CryptoPunks
This NFT collectible gained popularity in February 2024 and maintained consistent performance.
4.3. Top NFT Gainers in February 2024
Here are the top NFT gainers in February 2024:
NFT
Blockchain
Market Cap
Milady Maker
ETH
36,420 ETH
Bored Ape Yacht Club
ETH
225,945 ETH
CryptoPunks
ETH
588,647 ETH
Mutant Ape Yacht Club
ETH
78,478 ETH
Pudgy Penguins
ETH
172,161 ETH
Bitcoin Budgie
BTC
1.56 BTC
NodeMonkes
BTC
3,897 BTC
Azuki
ETH
59,580 ETH
Moonbirds
ETH
13,495 ETH
Lil Pudgys
ETH
39,856 ETH
Top NFT Marketplaces for NFTs in February 2024
NFT marketplaces are digital platforms that facilitate the buying and selling of NFTs. They allow users to store, display, and sell their NFTs in exchange for crypto or money. Here is a list of the top marketplaces for NFTs in February 2024:
NFT Marketplace
Market Share
Blur
44.79%
Blur Aggregator
30.28%
OpenSea
13.94%
CryptoPunks
6.13%
X2Y2
2.25%
Gem
1.67%
Sudoswap
0.27%
Rarible Aggregator
0.25%
Looksrare
0.15%
Superrare
0.06%
Conclusion
With the continuous advancements in the NFT space, it is expected to thrive in the upcoming bull run. The world of digital assets is highly volatile, and Coinpedia is here to keep you informed about the latest trends in the NFT marketplace in 2024.