The non-fungible token (NFT) is one of the largest platforms in the fast-growing digital asset. The NFT sales will continue to rise in the future, betting on the growing interest in the sports, arts, and media world. The trading in NFT has increased rapidly as it is one of the decent niche crypto assets. Moreover, the Blockchain-based record of ownership of digital items blown up in early 2021. The OpenSea is the largest NFT trading platform, and its value reached $1.9 billion in August which is ten times than march recorded value $148 million. In January 2021, the monthly volume was $8 million on the platform.
OpenSea Statement about NFT:
The surge was driven by secondary market sales according to the statement of OpenSea. Different NFT collections have emerged in the last few weeks and have been successfully launched as well as sold out. After this, their activities are leaked to OpenSea, and buyers’ try to reverse NFTs at a large price. Reuters discovered NFT showing cartoon images sold in ETH 39 at OpenSea last week. Two weeks ago, the Ethereum price was Rs 245,000 according to the analysis of the platform Etherscan. Another NFT digital artwork was sold for ETH 1,000 in June. The DappRadar has recorded 32 known sales of over $1 million because the NFT market data depends on the methodology.
The market data of NFT depends on the provider’s methodology and the NFT sales are increasing with time. Michael K is 30 years old NFT purchaser, and he asked the company not to reveal his name. He said that he has spent about $250,000 on NFTs since September and holds 90 percent of his wealth in cryptocurrencies and NFTs. He bought a cartoon penguins from NFT for $139 and sold it later for about $39.56 revealed by Etherscan. His OpenSea account displays instances of highly profitable flips like the cartoon wavy NFT purchase for $33. Then he sold it for $4900
within 7 hours.
Michael K mentioned the U.S. Federal Reserve’s capability to manage the cash, and he performed a task to invest in unregulated crypto property. Michael said that when people hear these statistics, they think I am crazy. He mentioned Covid-19 forcing folks to spend more money and helped NFT takes off. So the rising cryptocurrency price has performed a task within surge.
The controller of economy markets analysis mentioned that he was amazed by the bubblicious stupidity of the NFT. He further mentioned that he has noticed the enchantment of younger individuals’ excessive returns, who would in any other case wrestle to get wealth. So the every mentioned NFTs had been a bubble that might precisely pop. The increase in the cryptocurrency process has played a role in the NFT sale surge. NFTs are also valued in Ether, which has risen to 23 percent in August.