Important February 2024 NFT Trends & Projects That Should Be on Your Radar
February was a month filled with significant events that would shape the future of blockchain, cryptocurrency, and NFTs. From new research revealing the high failure rate of new crypto projects to the Empire State Building launching NFT rewards, there is a lot of important news in the world of NFTs that you should be aware of.
In this report by Coinpedia, we will highlight the major ups and downs in the NFT space in February 2024. Let’s dive in!
Key Insights:
– The first week of February saw a 25% increase in sales in the NFT sector.
– Bitcoin NFTs on Magic Eden had their best month ever in terms of fees and trading volume, with over $100 million in trading volume.
– The Solana blockchain experienced tremendous success in the NFT space, surpassing $5 billion in sales.
– Revenue in the NFT space is projected to reach $2.378 billion in 2024.
– After a downturn in late January, the NFT market experienced a slight recovery.
– However, the most recent week saw a notable decline of 5.05% in digital collectible sales.
– The total sales volume for the last week of February amounted to $228.3 million.
– NFT sales on the Bitcoin blockchain dominated the market in November and December 2023, but Ethereum reclaimed its position as the frontrunner in sales volume in February.
– Ethereum’s NFT sales reached $74.97 million in the last week of February, followed by Bitcoin with $55.92 million and Solana with $53.69 million.
– Polygon and Avalanche also saw significant NFT sales worth $15.66 million and $7.98 million, respectively.
– The top five blockchains all experienced double-digit losses, reflecting the overall market trend.
– Ronin, the blockchain supporting Axie Infinity, saw a surge of 209.09% in NFT sales, reaching $1.76 million.
Now, let’s take a closer look at the NFT market in February 2024.
Market Overview: NFTs in February 2024
In terms of NFT blockchains, Ethereum experienced a surge in trading activity in mid-February, with weekly volume reaching its highest level since February 2023.
Sales on the Ethereum network increased by 100% in the first week of February, totaling $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.
Popular collections like NodeMonkes and Puppets led the charge.
Arbitrum stood out in terms of NFT sales volume in the last week of February.
Here are some important metrics:
– Global NFT market cap as of February 28, 2024: $56.85 billion
– NFT sales volume chart:
Source: Cryptoslam
Major NFT Projects in February 2024
Let’s discuss the top projects in the NFT space in February 2024.
4.1 Top NFT Blockchains in February
The Arbitrum blockchain saw a recovery in daily NFT sales volume, surpassing Ethereum and Solana in recent performance.
Arbitrum experienced a 119.41% surge in sales volume on February 27, with 8,094 transactions, representing a 9.04% increase.
Solana and Ethereum saw smaller increases in daily sales volume, by 26.69% and 5.42%, respectively.
Solana’s total sales volume reached $10.9 million, while Ethereum saw a decline of 19.33% in wash sales.
Arbitrum, Bitcoin, and BNB were among the top gainers in the last week of February.
Source: Tradingview.com
According to recent analysis, Arbitrum was the biggest winner with a massive 373.18% surge. The number of buyers and sellers also increased exponentially, with a 69% surge in buyers and a 56% increase in sellers.
Ethereum had the largest NFT sales volume of $202.5 million.
Solana remained the winner in terms of transactions and users, with over 860,000 transactions, 242,000 buyers, and 144,000 sellers.
4.2 Top NFTs in February
Here are some top-performing NFT projects in February 2024:
– Decentraland: The virtual world experienced significant improvements in user experience and is expected to perform well in 2024.
– The Sandbox: This token is bullish and expected to increase in value in the near future.
– Pudgy Penguins: This collection joined forces with Unstoppable Domains to introduce exclusive ‘.pudgy’ domain names.
– Azuki NFTs: This NFT project had a successful month in February 2024.
– CryptoPunks: This NFT collectible continues to gain popularity and perform consistently.
4.3 Top NFT Gainers in February 2024
Here are the top gainers in the NFT space:
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 in February 2024
NFT marketplaces are digital platforms where users can buy, sell, and store NFTs. Here are the top marketplaces in February 2024:
– Blur: 44.79% market share
– Blur Aggregator: 30.28% market share
– OpenSea: 13.94% market share
– CryptoPunks: 6.13% market share
– X2Y2: 2.25% market share
– Gem: 1.67% market share
– Sudoswap: 0.27% market share
– Rarible Aggregator: 0.25% market share
– Looksrare: 0.15% market share
– Superrare: 0.06% market share
Conclusion
With the rapid advancements in the NFT space, it is expected to flourish in the upcoming bull run. Coinpedia is here to keep you updated on all the latest trends and developments in the NFT marketplace in 2024.
Tags: Monthly Report, NFT