In February 2024, NFT sales plummeted 3%. Will March bring another upward trend?

The non-fungible token market saw a sharp decline in February, with trading volume and price lows reversing. In this article, we will evaluate whether the NFT market will see an upward trend this month. Most cryptocurrency and NFT analysts have already predicted a potential bull market before the end of the year.

NFT sales fell 3% in February 2024.

Data from on-chain market data aggregator CryptoSlam.io shows that the global non-fungible token market declined slightly in February. Over the past 30 days, the NFT market’s trading volume was $1.2 billion, a decrease of 3.72% compared to January 2024.

Nonetheless, the number of cryptocurrency investors purchasing collections of non-fungible tokens rose sharply in February. Over the past 30 days, nearly 1 million collectors have purchased NFTs in the global NFT market, a 967% increase from the previous month.

Ethereum, the largest blockchain network for NFTs, was the most traded blockchain network in the NFT ecosystem in February. Over the past 30 days, Ethereum-based NFT collections recorded a transaction volume of 573 million, a 37% increase compared to the previous month.

Source: Cryptoslam.io, selling NFTs through blockchain networks

Bitcoin, a popular blockchain network famous in the NFT market for its Bitcoin Ordinals NFTs that once took the NFT world by storm, was the second most traded blockchain network in the NFT ecosystem. Over the past 30 days, transactional sales of Bitcoin-based NFT collections reached $311 million. Trading volume for Bitcoin NFTs fell 18% in February.

Solana, an open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, was the third most traded blockchain network in the NFT ecosystem in February. In the past 30 days, Solana-powered NFT collections have sold 224 million transactions. Trading volume for Solana NFTs decreased by 3.93% in February.

Ethereum scaling solutions Polygon and Mythos Chain blockchain networks were the fourth and fifth most traded blockchain networks in the NFT ecosystem in February. In the past 30 days, Polygon-based NFT collections have recorded $37 million in transaction sales, while Mythos Chain-based NFTs have recorded $28 million in transaction sales.

Ethereum took the lead in wash trading in February 2024.

In terms of wash trading, the Ethereum blockchain network led the way with $291 million in trading volume in February. Solana came in second with $47 million in trading volume. According to the explanation, wash trading is a form of market manipulation where collectors sell and buy the same NFTs at the same time, giving a false impression of NFT market activity.

Top 10 Selling NFTs in February 2024

Source: CryptoSlam.io, Top Selling NFTs

1. Pandora NFT Collection

Pandora, a newly launched NFT collection of 10,000 replicators bound to the first token built on ERC404, an experimental token standard similar to ERC-20 and ERC-721, was the best-selling NFT collection in February 2024. In the past 30 days, Pandora NFT collections have recorded $147 million in transaction sales.

2. Bitcoin Ordinal NFT Collection

Bitcoin Ordinals, a collection of NFTs created on the Bitcoin blockchain network using ordinal theory, were the second best-selling NFT collection in February. Over the past 30 days, the Bitcoin Ordinal NFT collection recorded $66 million in transaction sales, a 38% jump from the previous month.

3. NodeMonkes NFT Collection

NodeMonkes, an NFT collection featuring a limited set of 10,000 NFTs hosted on the Bitcoin blockchain network, was the third best-selling NFT collection in February 2024. In the past 30 days, the NodeMonkes NFT collection has recorded $36 million in transaction sales. NodeMonkes trading volume decreased by 15.58% compared to the previous month.

4. DMarket NFT Collection

DMarket, a collection of NFTs hosted on the Mythos Chain blockchain network, was the fourth best-selling NFT collection last month. Over the past 30 days, transactional sales of DMarket’s NFT collection surged 37% month-on-month to $27 million.

5. CryptoPunks NFT Collection

CryptoPunks, a previous NFT collection from digital asset company Larva Labs that featured a limited set of 10,000 pixelated NFTs hosted on the Ethereum blockchain network, was the fifth best-selling NFT collection in February. In the last 30 days, CryptoPunks recorded $23 million in trading volume. Cryptopunk’s trading volume decreased by 27% compared to the previous month.

Source: CryptoSlam.io, Top selling NFTs in the last 30 days

6. Mad Lads NFT Collection

Mad Lads, an NFT collection from the Solana development project featuring a limited edition of 10,000 NFTs hosted on the Ethereum blockchain, was the sixth best-selling NFT collection in February 2024. In the past 30 days, the Mad Lads NFT collection has surged 94% month-over-month to $22 million in sales.

7. Interdimensional NFT Collection

TransDimensional Fox Federation, an NFT collection with a fixed supply of 7,779 NFTs hosted on the Solana blockchain network, was the seventh best-selling NFT collection in February. In the last 24 hours, the NFT collection recorded a trading volume of $21.5 million.

8. Boring Monkey Yacht Club NFT Collection

Bored Ape Yacht Club, an NFT collection from digital asset company Yuga Labs featuring a fixed set of 10,000 NFTs hosted on the Ethereum blockchain network, was the eighth best-selling NFT collection in February. Over the past 30 days, the Bored Ape Yacht Club NFT has recorded $21.4 million in transaction sales.

9. Gods Unchained NFT Collection

Gods Unchained, an NFT collection of digital trading cards, was the ninth best-selling NFT collection over the past month. Over the past 30 days, transactional sales of the Gods Unchained NFT collection reached $21.3 million, a 9.05% jump from the previous month.

10. Chunky Penguin NFT Collection

Pudgy Penguins, an NFT collection from popular toy brand Pudgy Penguins featuring a fixed set of 8,888 penguin birds hosted on the Ethereum blockchain network, was the 10th most sold NFT collection in February. Over the past 30 days, the Pudgy Penguins NFT collection recorded $20.2 million in transaction sales, rounding out the top 10 best-selling NFTs in February.

The most expensive NFT was sold in February 2024.

Pandora #57023 was the most expensive NFT collection sold last month, selling 11 days ago for $1.5 million. Budgie is the second most expensive NFT collection sold in February, selling for $1.4 million two days ago. Happy Hoppers Club Posters #09281 was the third most expensive NFT sold last month, selling for $863,410.

NFT market forecast for March 2024

The global non-fungible token market is expected to reach $211 billion in 2030, growing at a CAGR of 34.5% from 2024 to 2030. Most cryptocurrency and NFT analysts have already predicted a strong NFT market recovery and potential bull market before this market ends. year. The NFT market has already shown signs of strength this month, with trading volume increasing 27% from the previous day.

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