NFT Gross sales Volumes Hit $2.5 Billion For First Half of 2021


Briefly

  • The primary half of 2021 noticed NFT gross sales volumes attain $2.5 billion, based on DappRadar.
  • Since March, gross sales have totaled 10,000 to twenty,000 NFTs per week.

The non-fungible token (NFT) market reached gross sales volumes of $2.5 billion within the first half of 2021, based on a Reuters report citing information from crypto analytics platform DappRadar

NFT gross sales volumes hit $2.5 billion this yr. Picture: Reuters/DappRadar

NFTs are cryptographically distinctive tokens that may be linked to digital content material reminiscent of artwork and music. This time final yr, gross sales of NFTs stood at simply $13.7 million. However within the first quarter of 2021, curiosity within the digital belongings exploded as they burst onto the artwork world, with one NFT promoting for a record-breaking $69 million on the top of the craze in February. Some predicted a bubble about to burst.

NFT investments

Particular person NFTs have continued to promote for hundreds of thousands of {dollars}; simply final week, world huge internet creator Tim Berners-Lee bought an NFT representing the online’s supply code for $5.4 million, whereas in late June, digital artist FEWOCiOUS bought a set of NFTs for $2.1 million.

In the meantime, within the wider market, information from NFT transaction tracker NonFungible means that curiosity is just not going away. Consumers have nonetheless outnumbered sellers each week since March, and gross sales have totaled 10,000 to twenty,000 per week.

weekly nft sales
Weekly NFT sale volumes have remained excessive, based on NonFungible. Picture: NonFungible

Month-to-month gross sales volumes on one of many largest NFT marketplaces, OpenSea, reached a record high in June. And funding within the sector continues to develop. NFT market Rarible closed a $14.2 million Sequence A funding spherical, whereas manufacturing firm NFT Genius raised $4 million in an funding spherical led by Mark Cuban. In the meantime, Fox Company plunged $100 million into a brand new NFT studio.

Nevertheless, NFTs have additionally are available for his or her justifiable share of criticism, notably in respect of their lack of regulatory readability, and their carbon footprint

Information can also be difficult to interpret since analytics platforms differ through which metrics they monitor. NonFungible’s gross sales volumes for the primary half of 2021 are nearly half these of DappRadar, partly as a result of it excludes NFTs utilized in Decentralized Finance (DeFi). 

NFT success tales 

However, nevertheless they’re measured, tastes in NFTs are altering. 

All through the primary half of 2021, sports activities and collectibles have been the most well-liked NFTs, based on NonFungible. However, not too long ago, High Shot, the U.S. Nationwide Basketball Affiliation market, has seen gross sales volumes dry up. 

Gross sales on the platform, which permits followers to purchase and commerce video “moments” of their favourite sporting moments within the type of an NFT, nearly halved previously three months; the worth of a ”second” slid from a peak of $182 in February to $27 in June, based on DappRadar.

In the meantime, different NFTs genres have shot to prominence. Notable success tales embody The Bored Ape Yacht Club, a set of 10,000 NFTs that includes digital apes. The average price of 1 is at the moment $3,600—up 1,574% from its launch value of $215 in April. 

The wildly standard CryptoPunks NFT sequence additionally continues to see success, whereas creators Lava Labs have hoped to copy its reputation with Meebits, a sequence of 3D avatars rendered in voxels.

And there’s extra to come back; Decrypt’s “postbag” hints on the extent of creativity, innovation, influencer collaborations, and hybrid initiatives but to be unleashed on the world, as NFTs proceed their upward development into the second half of 2021.



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