The NFT market has posted its first significant monthly gain in 2024, with sales volume climbing 10.6% to $115 million in May according to industry tracker CryptoSlam. The resurgence was fueled by blue-chip collections, particularly Doodles which skyrocketed 500% following its “Doodles 2” wearable NFT launch and rumored celebrity partnerships. Ethereum-based NFTs accounted for 68% of total sales, while Solana collections saw the sharpest percentage growth at 42% month-over-month.
Market analysts attribute the rebound to three key factors: innovative utility projects like Doodles’ fashion collabs, bargain hunting after months of depressed prices, and renewed institutional interest. “We’re seeing sophisticated collectors acquire premium NFTs at 2021 price levels,” noted NFT analyst Clara Wu. However, the market remains 89% below its January 2022 peak, with skeptics cautioning this could be a dead-cat bounce rather than a true recovery.
The rally coincides with major platforms introducing new monetization features. OpenSea recently launched “NFT Loans” allowing collateralized borrowing, while Blur enhanced royalty protections to lure back creators. As the space evolves beyond speculative PFPs, projects offering real-world perks and IP development—like Doodles’ music festival partnerships—are emerging as market leaders. Whether this momentum sustains may depend on broader crypto market conditions and continued innovation in NFT utility.
