Market Explosion for NFT (Non Fungible Token) as Trade Volume Skyrockets to $3 billion.
NFT markets recorded an all time high of $3 billion for the first part of the year 2021 against mere $13 million reached in first half of 2020, report from market data reveals.
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The prices increase range from sales in gaming and collectibles to surge in prices of NFTs native tokens. NFTs are non Fungible Token representing an intangible items, such as collectibles, artworks, sporting paraphernalia used by sporting starts to photos and videos. Owners of NFTs are minted on the blockchain, allowing the NFT to be traded as an individual digital asset it represents. The rise also influenced interest of cryptocurrency traders in trading native tokens of NFT platforms on cryptocurrency trading exchanges.
Opensea, a major NFT market place recorded record high trade in June. As popularity for NFT grows, industry watchers are asking. Is cryptocurrency shifting from the strong hold of exchanges coins mostly presented as digital currency to less controversial cryptocurrency that is not in competition with any currency but thrives on sales and promotion of arts. NFTs players trade them as Investments while some acquire them as something of intrinsic value .
According to nonfungible.com which calculates NFT transactions on Ethereum blockchain, buyers outnumbers available sales. A weekly record of over 20,000 buyers have been recorded since June.
Dappraddar an app which tracks sales across many blockchains said trade volume hits under $3 billion against nonfungible.com $1.3 billion. This excludes $8 billion of DeFi ( Decentralized Finance) NFT’s
Month of March witnessed the sale of a digital image sold for a record $69.3m at Christie’s as an NFT. That sell record is yet to be beaten. The second most expensive known NFT sale was a “CryptoPunk” that yielded $11.8m at Sotheby’s.
As some series of NFT like United States NBA’s Top Shot NFT Market place video highlights are wearing off in popularity, The Bored Ape Yatch Club, a set of 10,000 unique ape digital NFTs are becoming a hit among collectors. An average ape sold on OpenSea on July 1 went for $3,600. That is 1,574 percent pricee increase form the April launch price of $215. According to the club creators, Yuga Labs USA, total sales have leaped to $61 million.
Axie Infinity is another trending NFT online gaming platform. This Vietnamese based platform has recorded daily 20% increase since July of sales in it’s gaming offerings,price of it’s native tokens and reward tokens.