March 2024 NFT Report: Examining Trends, Market Dynamics, and Future Projections
The NFT market is predicted to have a positive outlook in 2024 due to the performance of the crypto market, its utility in various industries, and adoption by traditional brands. Coinpedia’s report for March 2024 highlights the minor changes in the NFT market. Let’s explore the key findings.
– NFT sales volume has decreased by 4% since the beginning of March.
– Blue-Chip NFTs have seen a decline in performance.
– Leading NFT marketplace, OpenSea, has experienced a decline in monthly sales volume.
– OpenSea’s NFT sales in the last 28 days have reached $147 million, a 4% decline from February. However, Blur has emerged as the market leader in March 2024.
– March 2024 marks the lowest monthly user count for the OpenSea platform since July 2021.
– The number of active NFT wallets and investors has been steadily declining. Last week, there were 25,700 active wallets, a 72% decrease compared to March last year.
– Total NFT sales on some platforms amounted to $245 million on March 20, one-third of the sales value from the same date last year. The total number of sales also dropped significantly from nearly 200,000 to only 52,000.
The evolution of the NFT space is marked by the rise of hybrid NFTs, RAW tokenization, Gaming NFTs, Ordinals, and Phygital NFTs.
In March 2024, the NFT market is evolving with new utility concepts replacing outdated trends. The market cap for NFTs on March 31, 2024, was $76.61 billion USD.
During the last week of March, there was a slight downturn in the NFT market.
On March 28, Azuki had the highest sales volume of $1.3 million. Froganas also saw a 114% increase in sales, surpassing $1 million.
Bitcoin was the top performer in the NFT market on March 28, with sales slightly decreasing by 0.06%. The blockchain registered $11.89 million in sales, maintaining a steady market presence.
JIGO BRC-20 NFTs, a Bitcoin-based collection, ranked first in the last week of March with nearly $2 million in sales.
Bitcoin dominated the NFT market in mid-March with an 86% increase in sales, reaching over $22.2 million. Bitcoin now has a total of $2.989 billion in NFT sales and is on track to join the $3 billion club.
Ethereum and Solana ranked second and third, respectively, but experienced notable fluctuations in their sales figures. Ethereum’s sales decreased by 13.72% to $10.16 million, while Solana saw a 24.45% increase, reaching $8.18 million.
Polygon continued to increase its daily sales, reaching $1.5 million for the second consecutive day.
Starbucks announced the Odyssey Beta NFT program in mid-March, showcasing the importance of the gaming sector in NFT trends.
Bitcoin Ordinals NFTs gained interest as NodeMonkes recorded a 53% surge in floor price.
The major projects in the NFT space include NodeMonkes, Bitcoin Puppets, and Runestone on the Bitcoin blockchain, and Ethereum’s Bored Ape Yacht Club, Pudgy Penguins, and Mutant Ape Yacht Club.
The top NFT marketplaces in March 2024 were Blur, Blur Aggregator, OpenSea, Gem, X2Y2, Sudoswap, Manifold, Looksrare, Foundation, and Rarible Aggregator. Blur emerged as the leading marketplace with a market share of 61.91%.
Some of the trends expected in the NFT space in 2024 include AI-curated NFT collections, gaming tokenization, and DeFi NFT integration.
In conclusion, the NFT and crypto space are constantly evolving, and 2024 holds potential for transformative growth. Coinpedia’s monthly reports provide a comprehensive overview of the developments in the digital asset world.