Important NFT Statistics to Know (Updated August 2024)

Do you remember when NFTs were the next big thing in 2021? Since then, the hype around NFTs has significantly dropped and many investors are wondering what happened. In this post, we will highlight 10 important NFT statistics to know in 2024 that can help you to better understand the current market and where it is headed. 

Keep reading to discover 10 NFT facts that you should be aware of right now. 

Also check out: Which country buys the most NFTs?

Top 10 NFT Statistics & Facts for 2024

1. NFT Market Revenue Could Reach $683.9m in 2024

2. Market Growth Rate is Expected to Decline in 2025 by -11.01% CAGR

3. The United States Generates The Highest Revenue

4.  Pudgy Penguins is the #1 NFT Collection 

5. Around 95% of NFT collections are worthless

6. The number of active NFT wallets reached its peak in Q4 2021 and has since declined 

7.  50% of consumers have never heard of NFTs

8. Many people view NFTs as a passing ‘fad’

9. 9.3 million Americans have bought or sold NFTs

10. 23% of US NFT collectors are millennials

Important NFT Market Stats Updated For 2024

Let’s take a closer look at the stats listed above to understand what exactly they mean for the NFT market.

1. NFT Market Revenue Could Reach $683.9m in 2024

First up, let’s talk money. The NFT market revenue is projected to hit a staggering $683.9 million in 2024. This impressive growth is largely fueled by advancements in blockchain technology, making NFTs more secure and accessible than ever.

The demand for NFTs in gaming is another significant driver. Gamers are eager to own unique in-game assets, and NFTs provide the perfect solution.

The growth of NFTs over the years has also been fueled by celebrity endorsements. Celebrities like Snoop Dogg and Grimes have jumped on the NFT bandwagon, bringing their massive fan bases with them.

Although celebrities are still hanging on to the trend, it seems like their campaigns are less effective than they were 3 years ago.

2. Market Growth Rate is Expected to Decline in 2025 by -11.01% CAGR

While the NFT market is booming in 2024, the outlook for 2025 isn’t great. Experts predict a decline in the growth rate by -11.01% CAGR. It seems that the NFT hype that peaked in 2021 has significantly waned.

The market crash was fueled by several factors: saturation, a deteriorating macroeconomic outlook, and decreased speculative trading.

As more and more NFTs flooded the market, the novelty began to wear off. Coupled with a less favourable economic environment, speculative investors started pulling back, leading to a slower growth rate.

3. The United States Generates The Highest Revenue in the NFT Market

It’s no surprise that the United States is leading the pack when it comes to NFT revenue. The US has always been a hub for technological advancements, and blockchain projects are no exception. Many pioneering blockchain companies are based in the US, driving innovation and revenue.

Moreover, the US’s tech-savvy population is quick to adopt new technologies, including NFTs. From Silicon Valley startups to Wall Street investors, everyone seems to have jumped on the trend. This technological enthusiasm ensures that the US remains at the forefront of NFT revenue generation.

4. Pudgy Penguins is the #1 NFT Collection

Topping the list of the most valuable NFT collections is Pudgy Penguins. This adorable collection has captured the hearts of many, boasting a market cap of over 72k ETH. That’s a lot of money for some cute digital penguins!

The average sale price per Pudgy Penguin NFT is around 9 ETH, reflecting the collection’s popularity and value. Whether it’s the charming artwork or the vibrant community, Pudgy Penguins have solidified their place as the top NFT collection for several years.

5. Around 95% of NFT Collections are Worthless

While Pudgy Penguins are flying high, not all NFT collections have seen the same demand. A staggering 95% of NFT collections are deemed worthless. According to research in 2023 by dappGambl, out of 73,257 NFT collections, 69,795 had a market cap of 0 ETH.

The weekly traded value of NFTs was around $80 million in July 2023, a mere 3% of its peak in August 2021. This reflects the significant downturn that the NFT market has seen over the last few years.

6. The Number of Active NFT Wallets Reached Its Peak in Q4 2021 and Has Since Declined

Back in Q4 2021, the NFT market was thriving, with the number of active NFT wallets hitting an all-time high. However, since then, there has been a noticeable decline. Between Q2 2023 and Q3 2023 alone, active wallets dropped by 25%.

This decline can be attributed to several factors: slow demand, market saturation, and a generally poor perception of NFTs.

As the initial excitement faded, many users abandoned their wallets, leading to a drop in activity.

7. 50% of Consumers Have Never Heard of NFTs

Despite the hype in 2021, a significant portion of the population remains in the dark about NFTs. In fact, 50% of consumers have never heard of them, according to research by YouGov. This lack of awareness is a major barrier to adoption.

There’s a clear need for better education around NFTs and decentralized finance. For the market to grow sustainably, more people need to understand what NFTs are and how they can benefit from them. This calls for more efforts in spreading awareness and simplifying the technology for the masses.

8. Many People View NFTs as a Passing ‘Fad’

Another challenge for the NFT market is the perception that NFTs are just a passing fad. Many people believe that the success of NFTs heavily relies on trends and celebrity endorsements. When the hype dies down, they fear that NFTs will fade into obscurity.

To over come this, more needs to be done to highlight the real-world use cases of NFTs. From digital art to virtual real estate, NFTs have the potential to revolutionize various industries. Raising awareness about these practical applications can help shift the perception from fad to future.

9. 9.3 Million Americans Have Bought or Sold NFTs

Despite the challenges, NFTs have gained a significant foothold in the US. As of now, 9.3 million Americans have bought or sold NFTs. This growing participation reflects a strong interest in digital assets and blockchain technology.

10. 23% of US NFT Collectors are Millennials

A significant 23% of US NFT collectors are millennials. This tech-savvy generation is quick to embrace new trends and technologies, making them prime candidates for NFT adoption.

Interestingly, Gen Z seems to have missed the original NFT hype, while older investors find blockchain technology confusing. As millennials lead the way, it will be fascinating to see how the next generation of investors engages with NFTs.

Final Thoughts

Compared to their peak in 2021, NFTs have had a pretty rough time recently. However, the market is still very new and there is room for growth.

For NFTs to make a comeback, more needs to be done to highlight the real-life use cases of NFTs and blockchain technology.

As it stands, a lot of people see NFTs as a fad that rely on celebrity endorsements and social media trends. However, the technology has the potential to transform industries such as real estate and art.

Frequently Asked Questions