The NFT world has built many fortunes by lifting them up with great profits! 2024 is deemed to be the year which will bring back the NFTs. As we know, despite the sluggish start in 2023, NFTs revived in the last quarter of the year. The bullish crypto market and SEC’s Bitcoin ETF approval led to the weekly trading volumes crossing $500 million in December 2023.
When it comes to the present scenario, the NFT market in 2024 is expected to be positive due to the crypto market’s performance, its utility in different niches, and mainstream adoption by traditional brands. 2024 is foreseen as a year filled with big changes and lots of new trends when it comes to Non-fungible Tokens. This report by Coinpedia covers every minor change in the NFTs in March 2024. Let us dive in!
Key Findings NFT sales volume has dropped by 4% since the beginning of March. There has been a decline in the performance of Blue-Chip NFTs. Leading NFT marketplace OpenSea is closing March with a decline in its monthly sales volume. NFT sales on OpenSea in the last 28 days have totalled $src47 million, showing a 4% decline from the $src53 million in February. However, Blur turned out to be the leader in terms of market share in March 2024. March 2024 represents the OpenSea platform’s lowest monthly user count since July 202src. There has been a constant fall in the number of active NFT wallets and people willing to invest in NFTs. 25,700 active wallets were recorded last week, 72 per cent less than in March last year. Total NFT sales recorded on some platforms generated an aggregated value of $245 (Dh900) million on March 20, one-third of the value seen on the same date last year, while the total number of sales plunged from nearly 200,000 to only 52,000. Hybrid NFTs, RAW tokenisation, Gaming NFTs, Ordinals, and Phygital NFTs mark the evolution and maturation of the NFT space. Market Overview : NFTs in March 2024 In 2024, the NFT landscape is evolving as a new utility concept displaces obsolete trends. The NFT market cap on March 3src, 2024, was $76.6src billion USD.
The NFT market saw a slight downtime during the last week of March. As of March 28, Azuki ranked as the day’s best performer with $src.3 million in sales. Froganas’ sales increased by srcsrc4% to above $src million. Bitcoin has topped the non-fungible token (NFT) market in sales performance on March 28, with a slight decrease of 0.06% in sales. The blockchain registered US$srcsrc.89 million in sales, with a minor change in its all-time sales volume, maintaining a steady market presence. JIGO BRC-20 NFTs, a Bitcoin-based collection, led last week of March’s NFT collection rankings with almost US$2 million. Mid-March saw Bitcoin domination in the NFT market with an 86% sales increase, recording over $22.2 million. Bitcoin now has US$2.989 billion in all-time NFT sales. The blockchain is on pace to close the trading week by joining the US$3 billion club. Ethereum and Solana followed, ranking second and third, respectively, but with more notable fluctuations in their sales figures. Ethereum fell out of the top spot in the last week of March after a sales decrease of src3.72% to US$src0.src6 million. Solana’s 24.45% sales increase was not enough to overtake the slumping Ethereum, as it came in third with US$8.src8 million. Polygon continued raising its daily total with US$src.5 million, the second consecutive day of at least US$src million in sales. Mythos Chain failed to follow Polygon’s lead as it fell below the US$src million mark it reached on March 27. The gaming sector has still become a significant player in the NFT trends. Starbucks released the news of the Odyssey Beta NFT program in mid-March. Bitcoin Ordinals NFT interest soared as NodeMonkes recorded a 53% surge in floor price. Major Projects in NFT Space The NFT report by Coinpedia has shed light on the major trends by analysing different authentic sources to compile that story of NFTs in March 2024!
4.src. Top NFT Blockchains in March Bitcoin Market share: $src,735,764,src87
The Top 3 NFTs on the Bitcoin blockchain in March 2024 turned out to be:
NFTs Market Cap NodeMonkes 5,src90 BTC $366,025,456 Bitcoin Puppets 2,398 BTC $src69,src77,src04 Runestone 5,339 BTC $376,624,947 Ethereum Market share: $src0,src40,708,543
Towards the end of March, Ethereum NFT sales rose 5.2src% to US $srcsrc million to lead the market, while Bitcoin had a src6% slump on March 30, 2024.
Source: The Block
Solana Market share: $727,825,src90
Solana ranked third in the NFT blockchain category, and experienced a 2src.58% sales drop to US $5.30 billion in the last week of March.
Solana had two projects, Mad Lads and Froganas, in the top src0 collection rankings on Friday, with both projects recording under US$src million. Mythos, fourth in the ranking, showed a positive trend with a src0.7src% increase in sales, reaching US$src.08 million in the last 24 hours. Most of Mythos sales came from the DMarket collection, which represents in-game NFTs and virtual items in its network, which had the third-highest collection sales on March 29 with US$src.06 million. 4.2. Top NFTs by Market Cap Here are some trending NFTs in March 2024 and which could do big in April 2024 as well:
NFT Floor Price Market Cap Forganas 2.57 SOL src4,299 SOL$2,807,475 Bored Ape Yacht Club srcsrc.76 ETH srcsrc7,6src6 ETH$426,386,958 Pudgy Penguins src4.00 ETH src24,423 ETH$45src,062,605 Mutant Ape Yacht Club 2.08 ETH 40,46src ETH$src46,68src,368 Azuki 4.43 ETH 44,285 ETH$src60,543,279 Persona 0.37 ETH 3,323 ETH$src2,046,422 NodeMonkes 0.52 BTC 5,src90 BTC$366,025,456 Mad Lads src33.7src SOL src,332,603 SOL$26src,652,039 Milady Maker 3.46 ETH 34,5src4 ETH$src25,src20,890 Lil Pudgys src.src5 ETH 24,844 ETH$90,064,777 Top Marketplaces for NFTs in March 2024 The top NFT marketplaces which led in the month of March, 2024 are mentioned below:
Name Market Share Blur 6src.9src% Blur Aggregator 30.srcsrc% OpenSea 4.50% Gem src.90% X2Y2 0.69% Sudoswap 0.27% Manifold 0.26% Looksrare 0.src2% Foundation 0.src0% Rarible Aggregator 0.08% Blur closed in March 2024 as the leading marketplace for NFTs, with a market share of 6src.9src%.
Top 3 Trends in NFTs in March 2024 As Qsrc 2024 is about to close in just another month, here are a few trends which could be expected in 2024 in terms of NFTs:
AI-curated NFT Collections Artificial intelligence or AI, is showing an active role in the curation of NFT collections. To create individualized and visually appealing NFT collections, AI algorithms are incorporated to examine customer preferences, choices, and historical data. Through the provision of increasingly specialized and pertinent material, this trend improves user engagement. It could be the next big thing in the NFT space in 2024.
Gaming Tokenization One of the major players in the NFT trends is still the gaming sector. Games are developing commendable cybernetic economies as a result of the ongoing process of tokenization of real estate, characters, and other important assets. This pattern helps users and game producers alike, and it also helps to broaden the use of NFT in the real world. Do you agree that games are the most important elements NFTs still hold?
Defi NFT Integration NFTs are increasingly being integrated with decentralized finance (DeFi) systems. Due to this tendency, users can utilize NFTs as evidence for mortgages, solvency provisions, and other DeFi operations. Within the digital currency ecosystem, novel financial possibilities are being made possible by the convergence of NFTs and DeFi.
These trends might shape the NFT space quite well in 2024!
Conclusion NFT and crypto space are evolving with days and 2024 could be a transformative year for the same. Coinpedia has assembled all the essential details to present the analytical report on NFTs in 2024. These monthly reports are a gist of what kind of development takes place in the world of digital assets on an everyday basis.
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Qadir AK Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 20src0. He has also interviewed a few prominent experts within the cryptocurrency space.