Sales of non-fungible tokens (NFTs) hit record highs in the first half of 2021.
There were $ 2.5 billion in NFT sales in the first six months of this year according to DappRadar, a massive increase from the $ 13.7 million in sales for the same period in 2020.
Citing statistics from Dune Analytics, Reuters reported that June was a record month for the OpenSea NFT market with nearly $ 150 million in sales. This is almost a thousand percent more than the turnover for all markets for the whole of the first half of the previous year.
TVN buyers and enthusiasts regard them as unique digital collectibles with intrinsic value due to their cultural significance. Others treat them simply as investments, speculating on rising prices.
According to NonFungible.com, which aggregates Ethereum-based NFT transactions, there have been between 10,000 and 20,000 buyers per week since early March. The tracking and discovery platform NFT reported that there were $ 1.3 billion in sales for the period, but excluded around $ 8 billion of DeFi-based NFT.
The most prolific NFT sale to date came from acclaimed artist Beeple with his “Everydays: The First 500 Days” which grossed $ 69 million in March following a Christie’s auction.
Sales figures from analytics platforms such as DappRadar only track on-chain transactions, meaning those auctioned may have part of the transaction off-chain, so they must be manually added to the data, Reuters noted. .
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Collectible and sports-themed NFTs are the most popular according to data from Nonfungible, with digital art coming in third. Almost 300,000 sports-related tokens were sold in the first half of the year compared to 124,000 for art. Its latest June 6 figure showed just under 140,000 total NFT sales that day for Ethereum-based tokens.
As Cointelegraph reported in June, NFT trading volume has grown more than 25-fold since December 2020 as they usher in a new paradigm of interacting with culture, music, sports and media.