thecoinrepublic.com
- NFTs industry has continued its tremendous growth
- A recent Q3 2021 report released that the industry is in its phase of dynamic and unstoppable growth
- After Q2 2021, active wallets count and activities in the industry has skyrocketed
NFTs or the Non-Fungible Tokens have already seen significant growth since the beginning of this year. According to a report of Q3 2021, published by nonfungible.com, it is observed that the crypto collectibles industry has continued to rise. Indeed, the industry is in a phase of dynamic and unstoppable growth. Moreover, the Quarterly report also revealed that the active wallets count has surged. Besides, the report also noted that the total count of interested NFT buyers has also skyrocketed. Simultaneously, the total count of sellers has surged more than the amount of buyers in the industry.
NFTs activity is growing higher
In Q3 2021, the NFTs market action has been observed breaking previously recorded quarterly metrics The growth came as the demand for these tokens continues into the last few months of the year. Researchers at the Nonfungible.com have recently published a quarterly report of Q3 2021, that entirely covered this year’s third quarter. According to the report, data shows that most indicators in the industry have continued to grow.
Notably, active wallets, the number of wallets that interact with Non-Fungible Token smart contracts, increased by more than 102% to 412,578 wallets in Q3, from 203,719 active wallets in Q2. On the other hand, NFT token’s buyers count has skyrocketed to 260,489 in Q3, from 97,658 in Q2, that is an increment of more than 166%.
Besides such stats, it is significant to note that sellers count has also jumped from over 40k to near 123k and saw a much larger increment of more than 206% during the last quarter of this year.
NFT trading volume is roaring
Furthermore, the figure of US dollars that is being exchanged for Non-Fungible Tokens in Q2 was $782 million. However, in the third quarter of this year, the amount has surged by a great deal to $5.9 billion. According to the researchers, while the volume of the US dollar traded all-time high at the end of August, the industry saw a spike in active wallets. Alongwith with wallets, it is also observed that the weekly volume which was near $91 million has climbed over $1.67 billion in just a span of a couple of months.
However, after the spike, the researchers observed that the weekly volume stabilized at a level of almost 3 times higher than the previous level.
Sports, games, art, and utility are loyal to the industry
While observing the loyalty, Non-Fungible Token patrons like metaverses are the most loyal ones. The report has observed that industries like sports, gaming, art, and utility are following digital collectibles. Hence, with such demand little loyalty concerns remain. Moreover, these tokens have seen the most sales capturing about 76% of the total sales. In contrast, 9% of the total NTFs sales were observed focusing on the art industry. Indeed, these collectibles in the world of sports have not performed so well as others.