Market data show that the market for non-fungible tokens (NFT) peaked in the second quarter and sold $2.5 billion this year, up from just $13.7 million in the first half of 2020.
NFT is an encrypted asset that represents an intangible digital item such as an image, video, or in-game item. Owners of NFTs are registered in the blockchain and allow NFTs to be traded as a digital asset they represent.
After the increase in NFT popularity earlier this year, sales volume is still high. Monthly sales volume on OpenSea, NFT’s main market, hit a record high in June. Some NFT lovers, because of their cultural importance, see them as inherently valuable collections, while others see them as investments and speculate on price increases.
According to NonFungible.com, which aggregates NFT transactions on the Ethereum blockchain, buyers have had 10,000 to 20,000 every week since March, more than the number of sellers. Estimates of total sales volume depending on NFT transactions are included. DappRadar, which tracks sales in several blockchains, said its volume in the first half of 2021 was just under $2.5 billion. But NonFungible.com is worth $1.3 billion, not counting about $8 billion of decentralized finance NFTs.
Each site only track sales that take place on the blockchain, known as “on chain” transactions. Some of the largest NFT sales, such as auction houses, are part of an “out-of-chain” transaction, meaning they must be included to the data manually.
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