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- According to Reuters, which cited DappRadar data, sales in the second quarter were $1.24 billion, just slightly higher than the first-quarter total of $1.23 billion
- According to Reuters, the results surpass those of the first half of 2020, when NFT sales totaled $13.7 million
- This increase reflects a boom in interest in NFTs over the last 12 months, fueled by platforms like NBA Top Shot, which have gained a lot of traction
According to marketplace data, the market for non fungible tokens (NFTs) have reached new highs in the second quarter on 2021. The market for non fungible token so far, have already reached $2.5 billion in sales so far this year compared to last year’s $13.7 million in the first half of 2020. A digital asset such as an image, video, or in-game item is represented by an NFT, which is a crypto asset. The owners of NFTs are recorded on the blockchain, allowing them to be traded as a substitute for the digital asset they represent. After the popularity of NFTs burst early this year, sales volumes have remained strong. In June, monthly sales volumes on OpenSea, a prominent NFT platform, hit a new high.
In June, NFT sales on Opensea totaled approximately $150 million
Some NFTs collectors regard them as collectibles with intrinsic value due to their cultural significance, while others regard them as investments in which they speculate on growing prices. Since March, buyers have outnumbered sellers by a factor of 10,000 to 20,000 every week, according to NonFungible.com, which aggregates NFT transactions on the Ethereum Blockchain.
Buyers of weekly NFTs
Estimates of total sales volume vary according on which NFT transactions are included. Volumes for the first half of 2021 were just under $2.5 billion, according to DappRadar, which tracks purchases across several blockchains. NonFungible.com, on the other hand, estimates $1.3 billion, deducting about $8 billion in “DeFi” (decentralised finance) NFTs.
NFT sales volume per week
Both sites only keep account of sales that take place on the blockchain, or on-chain transactions. Parts of some of the largest NFT sales, such as those at auction houses, are off-chain, which means they must be manually added to the data.
A computer image sold for a record $69.3 million as an NFT at Christie’s in March. Since then, no other NFT sale has come close. A CryptoPunk sold for $11.8 million at Sotheby’s, making it the second most expensive documented NFT transaction.
The most popular NFTs are sports and collective NFTs
Volumes and buyers on the National Basketball Association’s Top Shot marketplace, which allows fans to purchase and trade NFTs in the form of video highlights, have decreased from 403,000 in March to 246,000 in June. After peaking at $182 in February, the average price of a Top Shot moment dropped to $27 in June.
The top short sells in the NBA have decreased
However, while some NFT kinds lose popularity, others gain popularity. Collectors have flocked to the Bored Ape Yacht Club, a set of 10,000 one-of-a-kind digital ape NFTs. On July 1, the average ape sold for $3,600 on OpenSea, up 1,574 percent from the opening price of $215 in April. According to Yuga Labs, the club’s developers, total sales have risen to $61 million.
NFTs are causing a stir in the digital art world
We must have speculated on the reason for these high digital picture values in recent times. Non-fungible tokens (NFTs) are one-of-a-kind objects that cannot be replaced. These tokens are a type of data unit on the Blockchain, with each NFT representing a distinct digital object. It’s gaining popularity among artists, game developers, and other professionals who work with original creations.
All art sold on the Blockchain is referred to as crypto art. In the art world, NFTs are making a big impression. In the sports realm, the NBA’s approved digital highlight reels have already earned $230 million in gross sales, while one artist named Beeple just sold a single NFT for $6.6 million.
Simplicity of ownership
The simplicity of ownership is an attractive feature of Blockchain for digital artists. Copycats can replicate crypto art just as easily as they can copy anything else on the internet. A person may easily record a video or take a screenshot of an image, then proudly show the replica on their computer. However, with an NFT, the owner purchases a validated token that serves as digital proof that the work belongs to them. It’s a little like an artist’s signature. The objective is to provide an approximation of the natural authenticity imparted on real art.