NFT Sales Reach Record Volumes

The popularity of crypto art is gaining momentum. NFT sales in March reached record volumes. More than $200 mln worth of digital art were sold in March alone, according to CryptoArt. This figure is higher than in the last 12 months. Sales in February were about $91 mln, and even less in January at about $12 mln. Nifty Gateway became the largest market in terms of sales at $140 mln, followed by SuperRare with nearly $30 mln in March.

If 2020 was the year of Decentralized Finance (DeFi), then NFTs were in the spotlight in 2021. They enable sports stars and celebrities to create unique collectibles for fans to own. There is a lot of hype right now about crypto collectibles, and it can be anything from a single pixel to an animated dragon. NFTs derive their value from rarity. If there is only one in the world, it will be considered valuable and expensive.

The number of new blockchains and platforms serving NFTs is growing. Ethereum solution provider ConsenSys announced a new NFT Studio called Palm this week. The social platform Nifty NFT has received tremendous support from the venture capital giants. Game token platform Enjin announced a new Polkadot-based NFT blockchain, and Circle launched a complete payment solution that allows NFT markets to accept credit card and crypto payments.

Image: Tokeny