February 2024 NFT Report in Collaboration with Footprint Analytics

Crypto Climbs, NFTs Regulate

This month unveiled complexities throughout the crypto and NFT markets, with the NFT sector recording a $1.2 billion buying and selling quantity, down 3.7% from January. Notably, outstanding NFT collections throughout platforms like Ethereum, Polygon, BNB Chain, Cronos, Optimism, and Sui—reminiscent of Azuki, MAYC, and BAYC—skilled a considerable 32.1% discount in buying and selling quantity. This decline was notably influenced by the decreased efficiency of Fuel Hero NFTs, affecting Polygon and Mooar. Concurrently, the interval noticed the introduction of latest narratives like ERC404 and DN404.

This report is predicated on knowledge sourced from Footprint Analytics’ NFT research page, a complete and user-friendly dashboard. It offers up-to-date statistics and metrics important for greedy the heartbeat of the NFT business, protecting trades, tasks, funding, and extra.

Crypto Macro Overview

In February 2024, Bitcoin and Ether each showcased spectacular development, with Bitcoin surging 46.5% to shut at $62,404, crossing $60,000 for the primary time since This autumn 2021 and nearing its all-time excessive by simply 9%. Ether barely outpaced Bitcoin, climbing 48.1% to finish the month at $3,383.

February’s important uptick within the cryptocurrency market was influenced by a number of elements. The introduction of latest spot Bitcoin ETFs within the U.S. attracted large inflows, totaling $6 billion in February alone, signaling robust investor confidence and a shift towards cryptocurrency as a viable retailer of worth. Moreover, anticipation of Ethereum’s community improve in March and Bitcoin’s halving occasion in April contributed to the worth good points. 

Nevertheless, broader market dynamics, reminiscent of inflation issues and Federal Reserve insurance policies, may pose challenges to continued development. The uptick in inflation in February alerts a danger that anticipated rate of interest cuts within the U.S. could also be delayed till later this yr or past.

NFT Market Overview

In February, amidst important development within the broader cryptocurrency sector, the NFT market noticed a change in tempo. Buying and selling quantity within the NFT market reached $1.2 billion, down 3.7% from January. 

Inspecting Ethereum, Polygon, BNB Chain, Cronos, Optimism, and Sui reveals a downturn in buying and selling quantity to $838.9 million, a 16.1% decline from January, accompanied by a 25.8% lower in transactions and a 14.6% fall in distinctive consumer(pockets) numbers. This discount is partially as a result of February’s fewer days. Moreover, fluctuating curiosity in key collections mirrors altering market dynamics and shifts in investor sentiment.

In February, the highest 10 NFT collections among the many six blockchains noticed a 32.1% lower in whole buying and selling quantity from January’s $570.18 million to $387.16 million, accounting for 46.2% of February’s whole market quantity, down from 56.2% in January. 

Azuki, main the January record, confronted a pointy 73.65% drop in quantity to $32.6 million, considerably retreating from its earlier market dominance. Mutant Ape Yacht Membership (MAYC) and Bored Ape Yacht Membership (BAYC) additionally skilled declines of 42.0% and 18.2%, respectively.

Regardless of a 32.8% discount in buying and selling quantity to $64.08 million, Pudgy Penguins emerged as February’s high assortment, with its flooring value growing by 15.0% and nearing BAYC’s flooring value at one level. In the meantime, Walmart has expanded its partnership, bringing Pudgy Toys to 1,100 further US shops for a complete of three,100. This transfer not solely amplifies Pudgy Penguins’ market presence but additionally marks a big step in mainstreaming Web3 mental property, enhancing its market share.

The eighth spot went to Moonbirds, which noticed a buying and selling quantity of $27.8 million. Yuga Labs’ acquisition of PROOF on February 16, together with Moonbirds and different belongings, spurred a surge in its flooring value and buying and selling quantity.

The No person NFT assortment, a collaboration between No person and famed director Stephen Chow, debuted with a $36.6 million buying and selling quantity, rating fifth. Launched on the Moonbox platform which goals to introduce AI-powered NFTs within the arts and movie sector, No person NFTs mark Chow’s entry into the NFT house. 

Chains & Marketplaces for NFTs

In February, Ethereum maintained its lead within the NFT market, recording a buying and selling quantity of $814.3 million and capturing 97.1% of all transactions, barely adjusting its market share upwards regardless of a decrease quantity than January. Then again, Polygon skilled a notable decline, with its buying and selling quantity dropping to $20.4 million from January’s $106.0 million, inflicting its market share to sharply lower from 10.4% to 2.4%.

Ethereum’s distinctive consumer depend(wallets) declined to 149.9K from January’s 163.3K, but its market share truly grew from 42.7% to 46.9%. Polygon additionally noticed a discount, with its consumer base falling to 129.2K, bringing its market share to 40.4%. In the meantime, BNB Chain‘s market share modestly elevated, reaching 9.7% with 30.9K customers. 

In February, Fuel Hero, a Web3 sport developed by Discover Satoshi Lab, noticed its NFTs buying and selling quantity plummet by 87.2% to $12.3 million, following a profitable January launch with $96.1 million in buying and selling quantity. This decline considerably contributed to the lowered buying and selling exercise on Polygon and Mooar. On February 28, the Fuel Hero workforce introduced a strategic pivot again to Closed Beta Testing, aiming to handle financial stability and consumer expertise points.

In February, Blur remained a dominant pressure within the NFT market, regardless of a buying and selling quantity lower to $613.2 million, managing to boost its market share to 73.1% from January’s 68.3%. OpenSea, nonetheless, witnessed a marginal uptick in buying and selling quantity to $171.7 million however noticed its market share enhance to twenty.5%, reversing its earlier pattern of decline. Mooar, alternatively, skilled a big downturn, with its buying and selling quantity plummeting to $12.3 million, drastically lowering its market share to 1.5% after a earlier surge. 

OpenSea led the NFT market with 224.4K distinctive customers(wallets), regardless of a decline from January’s 278.9K. Blur, nonetheless, noticed a rise to 60.5K customers, whereas Element barely dropped to 35.9K.

NFT Funding & Funding   

Public information reveal three funding rounds within the NFT market, highlighting a interval of subdued funding exercise. Regardless of this total sluggish tempo, Animoca Manufacturers stood out for its lively participation within the sector.

• Binance Labs declared its funding within the S6 Incubation undertaking, NFPrompt, taking a number one position on this funding spherical.
• WELL3, developed by YogaPez, efficiently raised over $5 million by way of seed funding rounds and NFT gross sales led by Animoca Manufacturers, Newman Group and Soul Capital Companions.
• Imaginary Ones, a group of animated 3D character NFTs, just lately concluded its newest funding spherical, attracting investments from Cypher Capital Group, Animoca Manufacturers, and MH Ventures.

What’s New? 

• Pudgy Penguins Toys increase to 1,100 extra Walmart shops.
• Yuga Labs acquires PROOF and Moonbirds.
• Pandora popularized the idea of ERC-404 and its token rocketed 12,000% in a single week.
• Magic Eden’s Ethereum market with Yuga Labs went stay on February 27.
• Solana NFTs surpass $5 Billion in buying and selling quantity.
• NodeMonkes Leads Bitcoin Ordinals to new heights as Bitcoin’s value nears an all-time excessive.

________________

Information contains: 

• Blockchains: Ethereum, Polygon, BNB Chain, Cronos, Optimism, Sui
• Marketplaces: OpenSea, LooksRare, Blur, X2Y2, Cryptopunks, Rarible, SuperRare, Basis, Decentraland, Aavegotchi, Component, Era7, the Sandbox, Minted, Clutchy, BlueMove, Hyperspace, Tocen, Memento, Mooar.

Take a look at Footprint Analytics >> Here

Need extra? Join with NFT Plazas

Subscribe to our Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All funding/monetary opinions expressed by NFT Plazas are from the private analysis and expertise of our web site moderators and are supposed as academic materials solely. People are required to completely analysis any product prior to creating any form of funding.

Free Analytics for the NFT enviornment. Discover community-built evaluation and create charts with no coding.