Crypto Climbs, NFTs Alter
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—comparable to 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 relies on knowledge sourced from Footprint Analytics’ NFT analysis web page, a complete and user-friendly dashboard. It gives up-to-date statistics and metrics important for greedy the heartbeat of the NFT trade, masking trades, tasks, funding, and extra.
Crypto Macro Overview
In February 2024, Bitcoin and Ether each showcased spectacular progress, with Bitcoin surging 46.5% to shut at $62,404, crossing $60,000 for the primary time since This fall 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 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/1.png)
February’s important uptick within the cryptocurrency market was influenced by a number of components. 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 beneficial properties.
Nonetheless, broader market dynamics, comparable to inflation considerations and Federal Reserve insurance policies, may pose challenges to continued progress. 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 12 months or past.
NFT Market Overview
In February, amidst important progress 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.
Analyzing 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 person(pockets) numbers. This discount is partially attributable to 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 complete buying and selling quantity from January’s $570.18 million to $387.16 million, accounting for 46.2% of February’s complete market quantity, down from 56.2% in January.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/2.png)
Azuki, main the January checklist, 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 ground value rising by 15.0% and nearing BAYC’s ground value at one level. In the meantime, Walmart has expanded its partnership, bringing Pudgy Toys to 1,100 extra US shops for a complete of three,100. This transfer not solely amplifies Pudgy Penguins’ market presence but in addition marks a major 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 ground 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 area.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/3.png)
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. However, 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%.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/4.png)
Ethereum’s distinctive person 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 person 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.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/5.png)
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 crew introduced a strategic pivot again to Closed Beta Testing, aiming to deal with financial steadiness and person expertise points.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/6.png)
In February, Blur remained a dominant power 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 improve to twenty.5%, reversing its earlier development of decline. Mooar, alternatively, skilled a major downturn, with its buying and selling quantity plummeting to $12.3 million, drastically lowering its market share to 1.5% after a earlier surge.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/7.png)
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 Component barely dropped to 35.9K.
![February 2024 nft report](https://nftplazas.com/wp-content/uploads/2024/03/8.png)
NFT Funding & Funding
Public information reveal three funding rounds within the NFT market, highlighting a interval of subdued funding exercise. Regardless of this general sluggish tempo, Animoca Manufacturers stood out for its lively participation within the sector.
- Binance Labs declared its funding within the S6 Incubation challenge, NFPrompt, taking a number one function on this funding spherical.
- WELL3, developed by YogaPez, efficiently raised over $5 million through seed funding rounds and NFT gross sales led by Animoca Manufacturers, Newman Group and Soul Capital Companions.
- Imaginary Ones, a set of animated 3D character NFTs, lately concluded its newest funding spherical, attracting investments from Cypher Capital Group, Animoca Manufacturers, and MH Ventures.
What’s New?
- Pudgy Penguins Toys develop 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 reside 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.
________________
Knowledge 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.
Try Footprint Analytics >> Right here
Need extra? Join with NFT Plazas
Subscribe to our E-newsletter
Be part of our Discord
Follow us on Twitter
Like us on Fb
Observe us on Instagram
*All funding/monetary opinions expressed by NFT Plazas are from the private analysis and expertise of our website moderators and are supposed as instructional materials solely. People are required to totally analysis any product prior to creating any form of funding.
![footprint-analytics-logo-1](https://nftplazas.com/wp-content/uploads/2023/08/footprint-analytics-logo-1.jpg)
Free Analytics for the NFT area. Discover community-built evaluation and create charts with no coding.