NFT industry trends in February 2024: Cryptocurrency surges, NFT market adjusts

Data source: NFT research page - Footprint Analytics

In February 2024, the cryptocurrency and NFT market showed complexity. During the month, transaction volume in the NFT space reached $1.2 billion, down 3.7% month-on-month. It is worth noting that well-known NFT series, including Azuki, MAYC and BAYC, have experienced significant declines in transaction volume on public chains such as Ethereum, Polygon, BNB chain, Cronos, Optimism and Sui, with declines as high as 32.1%. Additionally, the Gas Hero game NFT underperformed, affecting platforms such as Polygon and Mooar. At the same time, new narratives such as ERC404 and DN404 have emerged during this period.

The data reported above comes from the NFT research page of Footprint Analytics. The page is designed to be comprehensive and easy to use, providing the latest statistics and indicators covering key aspects of the NFT industry such as transactions, projects and financing.

Crypto Market Overview

In February 2024, both Bitcoin and Ethereum showed significant growth. Among them, Bitcoin rose strongly, rising by as much as 46.5%, closing at $62,404 at the end of the month, breaking the $60,000 mark for the first time since the fourth quarter of 2021, and only 9% away from its all-time high. Ethereum performed even more impressively, slightly outperforming Bitcoin with a gain of 48.1%, closing at $3,383 at the end of the month.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506773004.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：比特币和以太坊价格 - Footprint Analytics

The significant rise in the cryptocurrency market in February was driven by a combination of factors. Among them, U.S. spot Bitcoin ETFs attracted a whopping $6 billion in inflows in February, a figure that underscores investors’ strong confidence in cryptocurrencies as an effective store of value. In addition, market expectations for the Ethereum Cancun upgrade in March and the Bitcoin halving event in April have further pushed prices higher. Together, these factors have provided strong support for the rise in the cryptocurrency market.

However, various factors in the market, including inflation concerns and policy changes from the Federal Reserve, may pose certain challenges to continued growth. The recent rise in inflation suggests that expected interest rate cuts in the United States may be delayed until later this year or even later, creating some uncertainty about the future growth of the cryptocurrency market. Investors and traders are paying attention to the potential impact of these factors on the market and trying to find strategies to adapt to market changes. While the market generally continues to grow, it requires close attention and the flexibility to adjust portfolios to adapt to changes in the market. The cryptocurrency market is subject to high volatility, and investors need to exercise caution and be prepared to respond

NFT Market Overview

Although the entire cryptocurrency space showed significant growth in February, the NFT market But there has been a decline. That month, the NFT market transaction volume reached US$1.2 billion, a month-on-month decrease of 3.7%.

Analyzing data from public chains such as Ethereum, Polygon, BNB Chain, Cronos, Optimism and Sui, we found that transaction volume dropped to $840 million, a 16.1% decrease from January. At the same time, transaction volume fell by 25.8%, and the number of unique users (wallets) also decreased by 14.6%. This downward trend is partly due to fewer days in February. In addition, significant volatility in key NFT series, changes in market dynamics and shifts in investor sentiment also contributed to the downward trend.

In February, the total transaction volume of the top ten NFT series on the above six public chains dropped sharply from US$570 million in January to US$390 million, a drop of as much as 32.1%. These series accounted for 46.2% of total market volume in February, down from 56.2% in January.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506798468.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：2024 年 2 月交易量前十 NFT 系列 - Footprint Analytics

The trading volume of Azuki, the leader of the list, fell sharply by 73.7% in January to $32.6 million. Meanwhile, trading volumes at Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) also fell by 42.0% and 18.2% respectively.

Although Pudgy Penguins saw a 32.8% decrease in trading volume to $64.08 million, it still stood out as the highest volume series in February. Its floor price increased by 15.0% and was once close to BAYC's floor price. Meanwhile, Walmart has expanded its partnership to bring physical Pudgy toys to an additional 1,100 stores in the U.S., bringing the total to 3,100. This move not only increases Pudgy Penguins' market influence, but is also an important step in the mainstreaming of Web3 intellectual property (IP), helping to increase its market share.

In eighth place is Moonbirds with a trading volume of $27.8 million. It is worth mentioning that Yuga Labs announced on February 16 that it had acquired PROOF, including Moonbirds and other assets, a move that quickly pushed up Moonbirds’ floor price and trading volume.

Nobody NFT collectible, created by Nobody in collaboration with renowned Hong Kong director Stephen Chow, ranked fifth with a transaction volume of US$36.6 million. The series is launched on the Moonbox platform, which is dedicated to introducing AI-driven NFTs in the art and film fields. This release marks Stephen Chow’s official entry into the NFT field.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506765754.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">Nobody NFT 系列

Public chain and NFT trading market

In February, Ethereum continued to hold the top spot in the NFT market, with its transaction volume reaching US$810 million, accounting for the entire market transaction volume 97.1%. Although this number is down from January, Ethereum’s market share has increased slightly. At the same time, Polygon's performance was not satisfactory. Its trading volume fell sharply to $20.4 million from $110 million in January, and its market share shrank sharply from 10.4% to 2.4%.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506885896.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：公链每月 NFT 交易量 - Footprint Analytics

The number of unique users of Ethereum (i.e. the number of wallets) fell from 163,000 in January to 150,000 in February, but its market share rose from 42.7% to 46.9%. Polygon's user base also declined, falling to 129,000, causing its market share to drop to 40.4%. At the same time, the BNB chain’s market share grew modestly by 9.7%, with its number of users reaching 31,000.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506853813.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：公链每月 NFT 用户数 - Footprint Analytics

According to data from Footprint Analytics, in February, the NFT transaction volume of Gas Hero, a Web3 game developed by Find Satoshi Lab, dropped sharply by 87.2% to US$12.3 million, which was compared with US$96.1 million in transactions in January when it was launched. Quantity is in sharp contrast. This decline had a significant impact on trading activity on the Polygon and Mooar platforms, with significantly lower volumes. The Gas Hero team announced strategic adjustments on February 28 and returned to the closed beta phase to optimize the economic model and improve user experience.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506860812.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：Gas Hero NFT 系列每日交易量 - Footprint Analytics

Blur continued to lead the NFT market in February, increasing its market share to 73.1% from 68.3% in January, although its trading volume fell to $610 million. OpenSea's trading volume edged up to $170 million and it managed to increase its market share to 20.5%, reversing its previous downward trend. However, due to the Gas Hero mentioned above, Mooar’s trading volume shrank significantly to $12.3 million, causing its market share to drop sharply to 1.5%.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506863650.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">数据来源：NFT 交易市场月交易量占比 - Footprint Analytics

Although the number of unique users (wallets) dropped to 224,000 from 279,000 in January, OpenSea still leads the NFT market with its large user base. Meanwhile, Blur's user count grew, reaching 61,000, while Element's user count dropped slightly, to 36,000.

<img src="/static/imghw/default1.png" data-src="https://img.php.cn/upload/article/000/887/227/171124506843385.png" class="lazy" alt="2024 年2月NFT行业动态：加密货币飙升，NFT市场调整">​数据来源：NFT 交易市场月用户数 - Footprint Analytics

NFT investment and financing situation

Public records show that the NFT market conducted three rounds of financing in February, which was a period of relatively quiet investment activity. While overall progress has been slow, Animoca Brands has been particularly active.

• Binance Labs announced an investment in one of its Season 6 (S6) incubation projects, NFPrompt.

• The WELL3 project developed by YogaPez has successfully raised more than $5 million through a seed round and NFT sales, with Animoca Brands, Newman Group and Soul Capital Partners leading the investment.

• Imaginary Ones, a unique collection of animated 3D character NFTs, recently completed a new round of funding with participation from investors including Cypher Capital Group, Animoca Brands and MH Ventures.

This month’s key news

• Pudgy Penguins physical toys will be sold in 1,100 new Walmart stores.

• Yuga Labs acquires PROOF and Moonbirds.

• Pandora proposed the ERC-404 concept and its token soared by 12,000% in a week.

• Magic Eden’s Ethereum trading market in partnership with Yuga Labs went live on February 27th.

• Solana NFT cumulative trading volume exceeds $5 billion.

• NodeMonkes leads Bitcoin Ordinals to new highs as Bitcoin prices approach all-time highs.

The above is the detailed content of NFT industry trends in February 2024: Cryptocurrency surges, NFT market adjusts. For more information, please follow other related articles on the PHP Chinese website!