NFT Sales Up Eightfold From Previous Quarter, Surges To $10.7 Billion

A Reuters report claims that NFT sales have reached new heights due to increased interest. NFTs (non-fungible tokens) sales soared to $10.7 billion. This is eight times more than the quarter before.

NFTs use the blockchain to track the ownership of digital objects such as images, videos, and collectibles or even land that can be purchased in virtual worlds.

A Surge In Sales

Despite the fact that NFTs are still a popular concept, many people remain baffled by their popularity. However, they continue to grow in popularity. DappRadar reported that the figures for the third quarter increased from $1.2 billion Q1 to $1.3 billion Q2. OpenSea, which is the largest NFT marketplace, had sales volumes of $3.4 billion in August. Despite the downturn in global markets, September saw strong sales volumes.

What is driving the ongoing surge?

Experts believe that the main driver behind the rise of the NFT market is the Covid-19 pandemics cryptocurrency gains. Because NFTs can be bought using cryptocurrency, this is why it has been so successful. Crypto enthusiasts, however, believe that crypto assets are independent of market conditions and have value.

The data used to estimate the NFT market size can vary. The data does not capture transactions that happen off-chain, like NFT sales at auction houses. Dapp Radar also includes off-chain transactions, which puts the total sales volume at $13.2 million. CryptoSlam is another market tracker which does not include offchain transactions and has set the figure at $9.6 Billion., however, tracks only NFTs on Ethereum and estimates the total volume to be $7 billion.

NFT Buyers Still A Small Minority

Despite celebrities and high-profile investors getting on board the NFT bandwagon and the growing interest, there is still a small number of people buying NFTs. Only 265,927 active wallets traded NFTs on Ethereum in Q3.

NFTs priced between $101 to $1000 accounted for more than half of the NFTs that were sold in Q3. 20% of NFT sales were in the $1001-$10,000 range, and 17% were for NFTs less than $100.

The Most Popular NFTs

Christies sold a digital collage for $69.3 million, making it the most expensive NFT sale. NFTs still sell for millions at auction houses, but this is the highest price paid for any NFT or NFT collection.

Art blocks was one of the most well-known NFT brands, which saw significant growth during Q3. Art blocks, a US-based company that sells NFTs of digital artworks algorithmically generated by algorithms, is known. A Artblock NFT was sold on Saturday for approximately 2100 Ethereum, or $6.9 million. The average price of Art Blocks has increased to $15,100 per NFT from $3300 in July.

Gaming-related NFTs saw a significant increase, with Axie Infinitys blockchain-based game leading the charge with $776 Million in revenue in Q3.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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