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NFT Sales Volumes Skyrocketed Eight Fold to $10.7 Billion In Q3 Amid High Frenzy

coingape.com 05 October 2021 07:00, UTC
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The mania in the non-fungible tokens (NFT) market continued over the last quarter of Q3 2021. The NFT sales volumes for Q3 2021 stood at a staggering $10.7 billion growing eightfold over the previous quarter, as per data on DappRadar.

During Q2 2021, this figure stood at $1.3 billion, and $1.2 billion in its previous quarter. It is clear that there’s been a massive frenzy for NFTs during Q3 which led to such high sales volumes.

Unlike public cryptocurrencies, Non-fungible tokens (NFTs) are unique in a way that no two tokens can be replicated. These blockchain-based tokens represent the ownership of digital assets like images, videos, collectibles and other things. NFTs typically serve good to represent the ownership of a scarce asset.

The massive frenzy in the NFT market has baffled many, however, the explosive growth is showing no signs of slowing down. Back in August 2021, Ethereum-based NFT marketplace OpenSea recorded sales volumes of $3.4 billion. The volumes remained on an uptick despite the crypto market staying under pressure during September. The data from DappRadar also shows that the total NFT sales volumes for 2021 stand at $13.2 billion.

Citing data from NonFungible.com, Reuters also reported despite sales volumes remaining high, active wallets were relatively small. “There were just 265,927 active wallets trading NFTs on the ethereum blockchain in Q3, ” as per Nonfungible.com. NFTs in the price range of $101-$1,000 accounted for more than 50% of the sales while NFTs in the $1,001-$10,000 bracket accounted for 20%.

Gaming NFTs like the characters of Axie Infinity (AXS) has also seen massive demand in recent times.

Big Market Players Jumping Into the NFT Craze

Some big market celebrities have joined the NFT bandwagon off lately. Furthermore, strong blockchain projects like binance and Cardano have come up with their own NFT marketplaces recently.

Last week, Cardano unveiled the Ardadex Protocol that serves as an NFT launchpad. The rapidly upcoming Ethereum-alternative Solana also supports NFTs.

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