The NFT market has suffered a decline for the second time this year after the early 2024 hype gradually faded. Sales of non-fungible tokens, or NFTs, plunged nearly 4% in March as investor purchases fell 91.54% to 84,571 and 89.63% to 75,484. Last month.
- Bitcoin, the most traded cryptocurrency and blockchain network, hosts the popular BRC 20 and Bitcoin Ordinal NFTs and is expected to record $495 million in transaction sales, up 41% from the previous month.
- Ethereum, the second most popular and traded blockchain network, recorded $483 million in NFT collection sales.
- The Solana NFT collection recorded $283 million in transaction sales.
- Trading volume for polygon-based NFT collections was $35 million, a significant decrease of 35% compared to the previous month.
- Trading volume for Mythos-based NFT collections is expected to surge 10% month-on-month to $31 million.
Among these popular NFT collections, the most sold NFTs in March 2024 are:
- “Unclassified” Bitcoin Ordinal NFT – Bitcoin Ordinal, a non-fungible token developed on Bitcoin using Satoshi Nakamoto’s ordinal theory, was the best-selling NFT collection in March. Transactional sales hit $165 million and are expected to increase almost immediately. Last month it was 140%.
- NodeMonkes NFTs – The NodeMonkes NFT collection, which includes 10,000 limited-edition NFTs created in Bitcoin, saw $79 million in traded sales in March, up 98% from the previous month, making it the second best-selling NFT collection.
- CryptoPunks NFTs – The CryptoPunks NFT collection is the third most sold NFT, with transaction sales expected to reach $58 million, a 152% increase from the previous month.
- Bored Ape Yacht Club NFT – The Bored Ape Yacht Club NFT collection was the fourth best-selling NFT in March, with over $41 million in traded sales and a 98% increase month over month.
- Mad Labs NFTs – The Mad Labs NFT collection on the Solana blockchain network has become the fifth best-selling NFT, with $35 million in traded sales and an expected 57% month-over-month increase in sales.
- DMarket NFTs – The Mythos-hosted DMarket NFT collection recorded $30 million in transaction sales, a 9.88% month-over-month jump.
- Pandora NFTs – The Ethereum-based Pandora NFT collection is the 7th best-selling NFT, with $29 million in traded sales, down 80% from the previous month.
- Froganas NFT – The Froganas NFT collection, created on Solana, recorded $27 million in transaction sales, with NFT sales up approximately 49% compared to the previous month.
- Pudgy Penguins NFT – The Ethereum-based Pudgy Penguins NFT collection surged 29.59% month-over-month to $26 million in traded sales.
- Gods Unchained NFT – The Gods Unchained NFT collection closed out the top 10 selling NFT collections of March 2024 with $19 million in sales.
Once the existing mania surrounding meme coins fades, the NFT market is expected to gain momentum again. It is worth mentioning that the NFT market operates seasonally. Statista, a renowned on-chain analytics company, estimated that NFT market revenue will reach $2.37 billion in 2024, with an annual growth rate of 9.10% and estimated revenue of $3.36 billion by the end of 2028.