NFT sales value in the art segment worldwide in the last 30 days October 2024

From April 2021 to October 2024, the total value of sales involving non-fungible tokens (NFTs) in the art segment declined significantly. As of April 15, 2021, NFT sales recorded on the Ethereum, Ronin, and Flow blockchains during the previous 30 days generated an aggregated value of around 78 million U.S. dollars. While sales peaked at nearly 881 million U.S. dollars as of September 15, 2021, they have experienced an overall decreasing trend since then. As of October 15, 2024, the aggregated sales value over 30 days amounted to roughly 14 million U.S. dollars. 

What is an NFT?

Non-fungible tokens are unique digital goods that are stored on the blockchain. They are mainly used in the art market to prove the authenticity of digital works of art. While digital artworks could be indefinitely shared online, digital art in the form of an NFT becomes a unique asset. The process of turning a digital file into an NFT is called minting, while the art created through this process is usually defined as crypto art.

The NFT art market

Once an artwork has been minted, it can be purchased. In March 2021, auction house Christie’s sold an NFT digital collage by American artist Beeple for the staggering price of 69.3 million U.S. dollars, making it the most expensive NFT sold worldwide. After the auction, NFT interest exploded. However, the 30-day aggregated sales volume of NFTs in the art segment dropped sharply from April 2021 to October 2024.