The Non-Fungible Token (NFT) ecosystem is booming, and sales volume is here to prove it. Rising over eight times from the second quarter record, sales volumes of non-fungible tokens (NFTs) grew to $10.7 billion in the third quarter of 2021, effectively depicting the sustained embrace in a frenzy picked up from the beginning of the year.
While the total sales volume, according to Reuters, citing data from DappRadar, a crypto analytics platform, in the first quarter was pegged at $1.2 billion and $1.3 billion in the second quarter. The recent record effectively placed the Q3 sales volume as the best quarter in NFT history. Thus far this year, the NFT sales volume has topped $13.2, drawing on DappRadar’s numbers.
The bulk (about 50%) of the on-chain transactions involving NFTs in the third quarter is typically within the price range of $101-$1,000, while those in the $1,001-$10,000 bracket accounted for 20% of sales, and 17% fetched less than $100, according to NonFungible.com. This analytics platform tracks only Ethereum-based NFTs.
Crypto Revolution: First DeFi, Now NFTs
While the world is still striving to adjust to the revolutionary potentials of decentralized finance (DeFi), NFTs emerged, showcasing how blockchain technology could be used to secure the ownership of digital assets in a secure and verifiable manner. Thus far, the NFT revolution has helped brands see how they can interact with their fans worldwide. From Marvel Studios to TIME Magazine and even Dolce & Gabbana, the embrace of NFTs is cutting across both retail and institutional collectors alike.
The dominant role of Ethereum as the primary hub for NFTs is also gradually fading off as other protocols, including Solana, and Cardano to mention a few, are now also providing support for NFTs on their protocols. Despite the drawbacks in the skyrocketing pricing for NFTs, many believe the role of platforms like OpenSea will further help drive mainstream adoption.