The NFT Report: February 2024’s Market Trends and Top Projects

The month of February was filled with a lot of must-know events that would define the future trajectory of blockchain, cryptocurrency, and NFTs! With new research showcasing a majority failure for new crypto projects like the Empire State Building launching NFT rewards, and much more, there is a lot of NFT news you should get exposed to.

So here we are! This report by Coinpedia highlights all the major upturns and downfalls in the NFT space in February 2024. Let us have a look!

Key Metrics

• The First week of February saw a sales pump of 25% in the NFT sector.
• Bitcoin NFTs on Magic Eden have seen their best month-to-date for fees and trading volume. The platform’s NFT market peaked this month with over $100 million in trading volume transacted by digital collectibles traders.
• Solana blockchain has recently experienced enormous success in the NFT space, with sales reaching above the $5 billion mark, as per the data on February 26, 2024.
• Revenue in the NFT space is projected to reach US $2,378 million in 2024.
• After the downturn between January 20 and January 27,2024, the NFT market experienced a slight relief.
• However, the most recent week had a notable decline in 2024, that is, of 5.05% in the sales of digital collectables.
• The total sales volume amounted to $228,327,660 during the last week of February.
• The NFT sales in the Bitcoin sector dominated the market throughout November and December, 2023, maintaining it in January, 2024.
• Recent weeks in February have noticed a significant shift, with Ethereum reclaiming its position as a frontrunner in NFT sales volume.
• Ethereum’s NFT sales amounted to $74.97 million in the last week of February.
• Bitcoin’s NFT space recorded $55.92 million sales in the same period, closely followed by Solana with $53.69 million sales volume.
• Polygon saw NFT sales worth $15.66 million and Avalanche secured the fifth position with $7.98 million in sales.
• Each of the top five blockchains experienced double-digit losses, reflecting the broader market trend.
• Ronin, the blockchain supporting Axie Infinity, saw a 209.09% surge and reached $1.76 million in NFT sales.

Let us explore further trends in NFT space in February, 2024.

Market Overview: NFTs in February 2024

• In terms of blockchains having NFTs, Ethereum’s NFT market experienced a surge in trading activity in mid-February with weekly volume hitting its highest level since February 2023.
• The sales on the Ethereum network has surged by 100% over the first week of February, reaching a whopping $158 million.
• The Pudgy Penguins collection ranked third by market capitalization in the middle of February.
• In the last week of February, Bitcoin NFTs were seen dominating the trading volume on Magic Eden and reached $100 million in trading volume this month.
• Popular collections NodeMonkes and Puppets were leading the charge.
• Arbitrum turned out to be the star in the last week of February when it came to the NFT sales volume.
• These are the important metrics:

Global NFT market cap, as of February 28, 2024: $56.85 billion

NFT sales volume chart:

Source: Cryptoslam

Major Projects in NFT in February 2024

We will discuss the top-notch projects in the NFT space in February 2024 in this report by Coinpedia.

4.1. Top NFT Blockchains in February

• Daily NFT sales volume in the Arbitrum blockchain recovered in the last 24 hours, as of February 27,2024. It is the fourth largest by total NFT volume sales, showing a recent performance larger than Ethereum or Solana.
• The top gainer is Arbitrum with a 119.41% surge in sales volume on February 27. Wash trading was seen as a trend in the NFT marketplace in February.
• The Arbitrum blockchain had 8.094 transactions during the last day, accounting for a 9.04% increase.
• Solana and Ethereum saw a smaller increment in their daily sales volume, by 26.69% and 5.42% respectively.
• Total sales volume of solana is $10.9 million. Wash sales in Ethereum saw a 19.33% decline.
• Arbitrum, Bitcoin and BNB are among the top gainers in the last week of February.

As per the recent analysis, 

• Arbitrum is the biggest winner with its massive 373.18% surge. The number of buyers and sellers also increased exponentially, with a 69% surge (approximately 35,000 buyers) and a 56% increase (27,000 sellers) in the last week.
• Ethereum scores the first spot as the blockchain with the largest NFT sales volume of $202.5 million.
• Solana remains the winner in the transaction and the user’s metric. The blockchain saw 860,714 transactions in the last week, with over 242,041 buyers and 144,395 sellers.

4.2. Top NFTs in February

1. Decentraland

Decentraland is re-establishing its reputation as one of the best virtual worlds. The game experienced an overhaul, during which the overall user experience was improved. Experts are extremely bullish about the performance of Decentraland in 2024.

It made news in February 2024 as one of the GameFi platforms and tokens to race to $1 in the crypto market. MANA is currently priced at $0.57. The Market has all bullish sentiments about the coin.

2. The Sandbox

The token is currently priced at $0.56 and is bullish in the upcoming time this year. Its value might increase by 5.73% in the near future. 

3. Pudgy Penguins

Pudgy Penguins has joined hands with Unstoppable Domains to roll out exclusive ‘.pudgy’ domain names. It is on a roll in February, notably performing well in February 2024.

4. Azuki NFTs

The NFT has seen performing well in the month of February 2024 with the following progress:

5. cryptoPunks

The NFT collectible is making a good name for itself in February 2024 with a consistent performance:

4.3. Top NFT Gainers in February 2024

Top NFT Marketplaces For NFTs in February 2024

The NFT marketplace is a digital platform for buying and selling NFTs easily. It allows people to store and display their NFTs, and also sell them to others for crypto or money. These marketplaces handle the transfer of NFT from one party to the other, in exchange for a fee. We have compiled the list of top marketplaces for NFTs in February 2024.

Conclusion

With the day-to-day advancement in the NFT space, it is expected to boom in the upcoming bull run. Anything can happen in this volatile world of digital assets, therefore, Coinpedia is here to keep you up with every ongoing trend in the NFT marketplace in 2024.