Sales of nonfungible tokens (NFTs) have surged to record highs in the first half of 2021.
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From the statistics released by DappRadar, there has been $2.5 billion in NFT sales in the first six months of this year. That is a massive increase of over $13.7 million in sales for the same period in 2020.
Reports from Reuters suggests that June has been a record month for the OpenSea NFT marketplace with almost $150 million in sales. This record is far higher than the previous year.
Following the launch of Binance NFT marketplace, many artists from around the world including Africa have become interested in selling the artworks and songs as non-fungible tokens for profit.
Also Read: Nigerian Based NFT Platform Qlipit Wins Africa Hero Award At The ‘Decentralized Africa’ Binance Hackathon.
Buyers views these NFTs as unique digital collectibles with intrinsic value like the NFT sales of African artworks representing African’s cultural heritage. Some others treat NFTs as investments with potential future increase in assets’ price.
Ethereum- based NFT transactions have between 10,000 and 20,000 buyers each week since early March per the stats from Nonfungible.com. Nonfungible.com an NFT tracking and discovery platform also reported that there had been $1.3 billion in sales since early March, excluding around $8 billion in DeFi-based NFTs.
The top most NFT sales so far has been by renowned artist Beeple with his “Everydays: The First 500 Days” gathering a whooping $69 million dollars in March following a Christie’s auction.
Collectible and sports-themed NFTs (CHZ) are the top most NFTs per the data from Nonfungible with digital art coming in third place. Bakeryswap, an NFT platform built on Binance Smart Chain claimed to have processed 572,061 transactions with 165,186 NFTs minted.
Majority of the NFT based tokens have increased since this July. Tokens like AXS (Axie Infinity) have recorded over 100% increase since the May – June Dump.