NFT statistics in 2024: Growth trends and outlook

• While 5% of adults aged 18-34 own NFTs, ownership dips to 1% for people over 55. (Finder)
• Blockchain gaming companies attracted $1.1 billion in investments during Q2 2024. (DappRadar)
• NFT trading volume has experienced a significant decline since the market peak in 2022. Q1 2024 saw just $3.9 billion in trading volume compared to $12.6 billion in Q1 2022. (DappRadar, DappRadar)

Non-fungible tokens (NFTs) first made their way onto the scene in 2014 and redefined the digital asset landscape in the process. Similar to cryptocurrencies, NFTs are transforming how we represent and track digital ownership.

The NFT market, once characterized by explosive growth, is currently undergoing a period of consolidation. While the initial surge captured widespread attention, the industry is now facing questions about its long-term trajectory.

To help you understand the current state of NFTs, we've collected the latest stats to show what's happening with NFTs in 2024 and what the future might hold. NFTs experience a period of explosive growth, followed by unprecedented consolidation. While some may feel NFTs were a passing fad, the data indicates that capital is still continuing to be invested within the space.

In order to develop a clearer picture of the past, present and future of the NFT market, we’ve pulled together some key NFT statistics that help to separate the noise from the signal in order to present a more accurate overview of the NFT landscape.

Understanding NFTs starts with examining key statistics that reveal market trends. This data sheds light on growth, user behavior and the overall sentiment within the NFT space.

1. The NFT market witnessed a surge in Q1 2024, with trading volume reaching a record $3.9 billion, a 50% increase compared to Q1 2023. Sales volume also climbed 13% to 11.6 million in the same period. (DappRadar)

2. In Q2 2024, the NFT sector had its best quarter since Q1 2023, with a trading volume of $4 billion from 14.9 million sales. (DappRadar)

3. Despite a promising Q2, the NFT market saw a 5% increase in losses from crypto scams, hacks and frauds, totaling $430 million lost in 2024. (DappRadar)

Key takeaway: While NFT ownership is still low, user engagement is surging, However, caution is advised due to rising losses from scams, making thorough research crucial.

While NFT ownership is on the rise, ownership across different demographics can vary significantly. Young adult males currently dominate the NFT collector space. 

People use NFTs in various ways, and understanding the demographics behind these uses can help us predict future trends.

4. While 5% of adults ages 18-34 own NFTs, ownership dips to 1% for people over 55. (Finder)

5. Adults ages 18-34 in Singapore are the global leaders in NFT ownership, where 9% claiming to own at least one NFT. (Finder)

6. Men are more likely to own NFTs, with an average ownership rate of 4% compared to 1% for women. (Finder)

7. 8% of men in India report purchasing an NFT, the highest adoption rate globally for men. (Finder)

8. Japan is the only country with female NFT ownership exceeding male ownership, with 1.5% of men owning NFTs compared to 1.6% of women. (Finder)

Key takeaway: Statistics show a clear trend towards adults ages 18-34 and males being more likely to own NFTs. Ownership rates vary significantly by country.

While the NFT market has seen growth in ownership, a closer look reveals a market in flux. Despite an increasing number of NFT holders, trading activity and sales have significantly declined compared to previous peaks, raising concerns about the market's long-term health. Current data suggests the NFT market may be stabilizing at a lower level or potentially experiencing a sustained decrease in trading interest.

9. NFT trading volume has experienced a significant decline since the market peak in 2022. Q1 2024 saw just $3.9 billion in trading volume compared to $12.6 billion in Q1 2022. (DappRadar, DappRadar)

10. Q1 2022 saw 44.9 million sales, compared to just 14.9 million in Q2 2024, highlighting a marked decrease in activity. (DappRadar, DappRadar)

11. NFT trading volume reached $4 billion in Q2 2024, a 3.7% increase from Q1 2024, suggesting potential market stabilization. This represents a shift from the period of growth seen in earlier years. (DappRadar)

Key takeaway: The dramatic decline in overall trading volume and sales compared to previous periods raises concerns about a potential cooling off in NFT trading activity. However, the slight increase in trading volume from Q1 2024 to Q2 2024 could indicate a potential stabilization after a period of rapid growth and decline.

While the U.S. leads in revenue, regions like Asia are experiencing a surge in NFT adoption, with countries like Singapore and China showing strong rates. Regulations around purchasing NFTs vary greatly by country, impacting how people buy and sell them.

12. North America dominated the NFT market in 2023, capturing the largest share of revenue at 31.6%. (Grand View Research)

13. China, Singapore and Nigeria hold the top 3 positions in online search activity related to NFTs. (Google Trends)

14. The Asia-Pacific region is estimated to contribute 39% to the growth of the global market during the forecast period 2024-2028. (TechNavio)

Key takeaway: The NFT market is geographically diverse. While North America currently dominates in revenue, Asia's rapid adoption and high interest suggest it could become a major player in the future.

Beyond the headlines, NFTs are being used across various industries. Exploring how NFTs impact sectors like gaming and art helps to see which industries attract the most users and investment, thereby offering insights into the future potential of NFTs.

15. Blockchain gaming companies attracted $1.1 billion in investments during Q2 2024, more than three times the amount invested in the previous quarter. (DappRadar)

16. The NFT segment of the worldwide art market generated around $4.6 million in sales over 30 days. (Statista)

17. Blockchain gaming accounts for 30% of NFT market activity, attracting around 2.1 million daily unique active wallets in Q1 2024. (DappRadar)

18. By 2027, the Web3 gaming market is expected to reach a massive $65.7 billion, reflecting a significant expansion from its current value of $4.6 billion in 2024. (NFTGo)

19. Blockchain games lead the Web3 industry, accounting for 28% of all decentralized application (dApp) activity, attracting 2.8 million people a day. (DappRadar)

20. Ronin, the company behind popular titles like Axie Infinity, holds first place as the top gaming blockchain in Q2 2024, bringing in 1.9 million new daily wallets compared to the previous quarter. (DappRadar)

21. Bored Ape Yacht Club remains the most traded NFT collection, with $191 million in trading volume in Q2 2024. (DappRadar)

Key takeaway: Blockchain gaming is projected for massive growth, while the art segment holds steady, suggesting both industries could hold promise for the future of NFT.

NFTs are still maturing after the hype cooled down after the summer of 2022. Despite this, certain regions like Asia are experiencing a surge in NFT interest, hinting at the potential for future growth. Some analysts predict a significant rebound in the market for 2024, with revenue on track to exceed $2.4 billion.

22. The global NFT market, valued at $26.9 billion in 2023, is projected to expand rapidly, growing at a compound annual growth rate (CAGR) of 34.5% through 2030. (Grand View Research)

23. Despite overall growth, hacks and exploits resulted in $407 million in losses in Q2, reflecting a 32% decrease from the previous quarter but a 9% increase compared to 2023. (DappRadar)

24. The global NFT market cap at the time of publishing is $73 billion. (Kraken)

25. The NFT market is projected to expand by $68.2 billion between 2023 and 2028. (TechNavio)

26. The NFT market, valued at $35.7 billion in 2024, is projected to expand to $211.7 billion by 2030. (Grand View Research)

Overall, owning NFTs can be a thrilling journey. The first step in your NFT adventure is to explore what the NFT world has to offer.

Kraken NFT offers hundreds of popular NFT collections, providing a one-stop shop for buying and selling digital collections.

Join the NFT movement and explore the unique and creative possibilities it offers.