March 2024 NFT Report: Trends, Market Dynamics, and Future Projections

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 $147 million, showing a 4% decline from the $153 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 2021.
• 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 31, 2024, was $76.61 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 $1.3 million in sales. Froganas’ sales increased by 114% to above $1 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$11.89 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 13.72% to US$10.16 million. Solana’s 24.45% sales increase was not enough to overtake the slumping Ethereum, as it came in third with US$8.18 million.
• Polygon continued raising its daily total with US$1.5 million, the second consecutive day of at least US$1 million in sales.
• Mythos Chain failed to follow Polygon’s lead as it fell below the US$1 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!

4.1. Top NFT Blockchains in March

Market share: $1,735,764,187

The Top 3 NFTs on the Bitcoin blockchain in March 2024 turned out to be:

Market share: $10,140,708,543

Towards the end of March, Ethereum NFT sales rose 5.21% to US $11 million to lead the market, while Bitcoin had a 16% slump on March 30, 2024.

Source: The Block

Market share: $727,825,190

Solana ranked third in the NFT blockchain category, and experienced a 21.58% sales drop to US $5.30 billion in the last week of March. 

• Solana had two projects, Mad Lads and Froganas, in the top 10 collection rankings on Friday, with both projects recording under US$1 million.
• Mythos, fourth in the ranking, showed a positive trend with a 10.71% increase in sales, reaching US$1.08 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$1.06 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:

Top Marketplaces for NFTs in March 2024

The top NFT marketplaces which led in the month of March, 2024 are mentioned below:

Blur closed in March 2024 as the leading marketplace for NFTs, with a market share of 61.91%. 

Top 3 Trends in NFTs in March 2024

As Q1 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.

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?

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.