While many people remain sceptical about the longevity of the NFT market, according to the latest sale figures the sector has never been stronger. Over the course of just one week, over $300million in NFT sales took place. This figure breaks all previous records, according to data from The Block.
All of which sounds like excellent news for anyone in the non fungible market. However, it’s important to note that while the overall value of transactions — $339million — is in ascent, the number of transactions is in decline.
$300million NFT Sales, On What?
In terms of what people are buying, those familiar with the NFT space will likely recognise some big names. CryptoPunks alone accounted for $207million, $46million of which took place in 24 hours. Meanwhile, Axie Infinity — which saw sales leap 500% in June — accounted for $127million. This is despite ongoing server issues plaguing the platform. NBA Top Shot, meanwhile, brought in $4million.
The figures clearly show a significant increase week-on-week. In mid-July 2021, weekly trade was peaking at $209.27million, which in itself was far higher than the previous top value of $197million in one week during February.
It’s interesting to note that NBA Top Shot accounts for the largest proportion of individual transactions. This is despite the platform actually pulling in far less revenue than comparably sized marketplaces. Overall, the number of trades taking place has still to recover from a slump in spring.
Other Platforms Have Seen Growth
Back in June we reported on Hic et Nunc’s soaring transactions. The Tezos-based marketplace has effectively empowered crypto artists and secured them a viable living. Its initiative, known as the HENthousand Challenge, saw 10,000 NFTs minted from different creatives, which were available to buy for 24-36 hours before being removed. This meant the auctions had the urgency of a flash sale, which many believe played a key role in bolstering demand.
More controversial and less established, experts are also predicting a boom in adult-themed NFT projects. RarePorn is among the biggest names in this comparatively niche sector, although anyone interested should also make a note of TABOO, Nafty Network, and CumRocket.
In May we reported on the NFT market ‘stabilising‘ following an exponential boom in the first quarter of 2021. Those looking to get involved should take note of our recent long reads. One explains why you should buy NFTs and the opportunities currently available in the art sector. The other guides you through the best NFT marketplaces on the blockchain. However, it’s also worth noting that the jury remains out on the true value of non-fungible tokens. Few projects exemplify this better than Damien Hirst‘s ‘spot paintings’. 10,000 of the physical canvasses have been minted as NFTs. Successful buyers have 12 months to decide whether they want to keep the digital or real-life version.