Must-Know February 2024 NFT Trends & Projects

The month of February was crammed with quite a lot of must-know occasions that may outline the longer term trajectory of blockchain, cryptocurrency, and NFTs! With new analysis showcasing a majority failure for brand spanking new crypto tasks just like the Empire State Constructing launching NFT rewards, and far more, there may be quite a lot of NFT information it is best to get uncovered to.

So right here we’re. This report by Coinpedia highlights all the main upturns and downfalls within the NFT house in February 2024. Allow us to take a look!

Key Metrics

• The First week of February noticed a gross sales pump of 25% within the NFT sector.
• Bitcoin NFTs on Magic Eden have seen their greatest month-to-date for charges and buying and selling quantity. The platform’s NFT market peaked this month with over $100 million in buying and selling quantity transacted by digital collectibles merchants. 
• Solana blockchain has lately skilled monumental success within the NFT house, with gross sales reaching above the $5 billion mark, as per the info on February 26, 2024. 
• Income within the NFT house is projected to achieve US $2,378 million in 2024.
• After the downturn between January 20 and January 27, 2024, the NFT market skilled a slight aid. 
• Nevertheless, the latest week had a notable decline in 2024, that’s, of 5.05% within the gross sales of digital collectables.
• The whole gross sales quantity amounted to $228,327,660 over the last week of February.
• The NFT gross sales within the Bitcoin sector dominated the market all through November and December 2023, sustaining it in January 2024.
• Latest weeks in February have seen a major shift, with Ethereum reclaiming its place as a frontrunner in NFT gross sales quantity.
• Ethereum’s NFT gross sales amounted to $74.97 million within the final week of February. 
• Bitcoin’s NFT house recorded $55.92 million gross sales in the identical interval, carefully adopted by Solana with $53.69 million gross sales quantity. 
• Polygon noticed NFT gross sales value $15.66 million and Avalanche secured the fifth place with $7.98 million in gross sales.
• Every of the highest 5 blockchains skilled double-digit losses, reflecting the broader market pattern. 
• Ronin, the blockchain supporting Axie Infinity, noticed a 209.09% surge and reached $1.76 million in NFT gross sales.

Allow us to discover additional tendencies in NFT house in February, 2024.

Market Overview: NFTs in February 2024

• When it comes to blockchains having NFTs, Ethereum’s NFT market skilled a surge in buying and selling exercise in mid-February with weekly quantity hitting its highest stage since February 2023.
• The gross sales on the Ethereum community have surged by 100% over the primary week of February, reaching a whopping $158 million.
• The Pudgy Penguins assortment ranked third by market capitalization in the midst of February. 
• Within the final week of February, Bitcoin NFTs had been seen dominating the buying and selling quantity on Magic Eden and reached $100 million in buying and selling quantity this month.
• In style collections NodeMonkes and Puppets had been main the cost.
• Arbitrum turned out to be the star within the final week of February when it got here to the NFT gross sales quantity.
• These are the essential metrics:

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

NFT gross sales quantity chart:

Supply: Cryptoslam

Main Tasks in NFT in February 2024

We’ll focus on the top-notch tasks within the NFT house in February 2024 on this report by Coinpedia.

4.1. High NFT Blockchains in February

• Every day NFT gross sales quantity within the Arbitrum blockchain recovered within the final 24 hours, as of February 27, 2024. It’s the fourth largest by whole NFT quantity gross sales, exhibiting a current efficiency bigger than Ethereum or Solana.
• The highest gainer is Arbitrum with a 119.41% surge in gross sales quantity on February 27. Wash buying and selling was seen as a pattern within the NFT market in February.
• The Arbitrum blockchain had 8.094 transactions over the last day, accounting for a 9.04% improve. 
• Solana and Ethereum noticed a smaller increment of their each day gross sales quantity, by 26.69% and 5.42% respectively.
• The whole gross sales quantity of Solana is $10.9 million. Wash gross sales in Ethereum noticed a 19.33% decline.
• Arbitrum, Bitcoin and BNB are among the many prime gainers within the final week of February.

As per the current evaluation, 

• Arbitrum is the most important winner with its large 373.18% surge. The variety of consumers and sellers additionally elevated exponentially, with a 69% surge (roughly 35,000 consumers) and a 56% improve (27,000 sellers) within the final week.
• Ethereum scores the primary spot because the blockchain with the biggest NFT gross sales quantity of $202.5 million. 
• Solana stays the winner within the transaction and the person’s metric. The blockchain noticed 860,714 transactions within the final week, with over 242,041 consumers and 144,395 sellers.

4.2. High NFTs in February

1. Decentraland

Decentraland is re-establishing its popularity as among the finest digital worlds. The sport skilled an overhaul, throughout which the general person expertise was improved. Consultants are extraordinarily bullish concerning the efficiency of Decentraland in 2024.

It made information in February 2024 as one of many GameFi platforms and tokens to race to $1 within the crypto market. MANA is presently priced at $0.57. The market has bullish sentiments concerning the coin.

2. The Sandbox

The token is presently priced at $0.56 and is bullish within the upcoming time this 12 months. Its worth would possibly improve by 5.73% within the close to future. 

3. Pudgy Penguins

Pudgy Penguins has joined arms with Unstoppable Domains to roll out unique ‘.pudgy’ domains. It’s on a roll in February, notably performing effectively in February 2024.

4. Azuki NFTs

The NFT has seen performing effectively within the month of February 2024 with the next progress:

5. cryptoPunks

The NFT collectible is making an excellent identify for itself in February 2024 with a constant efficiency:

4.3. High NFT Gainers in February 2024

High NFT Marketplaces For NFTs in February 2024

The NFT market is a digital platform for purchasing and promoting NFTs simply. It permits folks to retailer and show their NFTs, and likewise promote them to others for crypto or cash. These marketplaces deal with the switch of NFT from one occasion to the opposite, in alternate for a price. We’ve got compiled the record of prime marketplaces for NFTs in February 2024.

Conclusion

With the day-to-day development within the NFT house, it’s anticipated to increase within the upcoming bull run. Something can occur on this unstable world of digital property, subsequently, Coinpedia is right here to maintain you up with each ongoing pattern within the NFT market in 2024.