According to Reuters, market data shows that the NFT market soared to a new high in the second quarter, with sales so far this year reaching 2.5 billion U.S. dollars, higher than the 13.7 million U.S. dollars in the first half of 2020.
NFT is an encrypted asset that represents an intangible digital item, such as images, videos, or games. The owner of the NFT is recorded on the blockchain, allowing the NFT to be traded as a substitute for the digital assets it represents.
After the NFT boom at the beginning of this year, sales have remained at a high level. Monthly sales of OpenSea, the main NFT market, hit a record high of US$150 million.
Some NFT enthusiasts regard them as collections of intrinsic value because of their cultural significance, while others regard them as an investment, speculating on rising prices.
According to data from NonFungible.com, since March, buyers’ weekly transactions have mostly been between 10,000 and 20,000, surpassing sellers.
DappRadar, which tracks sales of multiple blockchains, said that the transaction volume in the first half of 2021 reached approximately $2.5 billion. However, the figure published by NonFungible.com is US$1.3 billion, excluding the “DeFi” (decentralized finance) NFT, which is about US$8 billion.
These two websites only track transactions that occur on the blockchain, so-called “on-chain” transactions. Some of the largest NFT transactions, such as auction house transactions, are partly “off-chain”, which means they must be added to the data manually.
In March of this year, the NFT created by artist Beeple was sold at Christie for a record price of $69.3 million.
The National Basketball Association Top Shot market allows fans to buy and trade NFTs in the form of video highlights. The market’s transaction volume has shrunk, with buyers falling from 403,000 in March to 246,000 in June. The average price of Top Shot “moment” reached a peak of US$182 in February and fell to US$27 in June.
But as some types of NFTs became less popular, other types of NFTs also became popular.
The Bored Ape Yacht Club is composed of 10,000 unique digital NFTs and has become a hot topic among collectors. As of July 1, the average selling price on OpenSea was US$3,6000, an increase of 1574% from the April issue price of US$215. Total sales have jumped to 61 million US dollars.
Image source: OpenSea, NonFungible.com, DappRadar, NBA Top Shot
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