• NFT sales jump eightfold to $10.7 billion in third quarter amid soaring frenzy

  • The frenzy in the non-counterfeitable token (NFT) market continued in the last quarter of the third quarter of 2021. According to DappRadar, NFT sales reached a staggering $10.7 billion in the third quarter of 2021, an eight-fold increase over the previous quarter.

    In the second quarter of 2021, that figure was $1.3 billion, compared to $1.2 billion in its previous quarter. Clearly, there was a massive NFT frenzy in the third quarter that led to such high sales volumes.

    Unlike publicly available cryptocurrencies, Non-fungible tokens (NFTs) are unique and no two tokens can be copied. These blockchain-based tokens represent ownership of digital assets such as images, videos, collectibles, and other things.NFTs typically work well to represent ownership of a scarce asset.

    The massive frenzy in the NFT market has confused many, however, the explosive growth shows no signs of slowing down. Back in August 2021, OpenSea, an ethereum-based NFT marketplace, recorded sales of $3.4 billion. Despite the fact that the cryptocurrency market has been under pressure during September, sales have continued to trend upwards.DappRadar’s data also shows total NFT sales of $13.2 billion in 2021.

    Data from NonFungible.com, also reports a relatively small number of active wallets despite sales volumes remaining high.” There were only 265,927 active wallets trading NFT on the ethereum blockchain in the third quarter,” according to Nonfungible.com. NFTs priced in the $101-$1,000 range accounted for more than 50% of sales, while NFTs in the $1,001-$10,000 range accounted for 20%.

    Gaming NFTs, such as Axe Infinity (AXS) characters, have also seen significant demand in recent times.

    Big market players jump into the NFT craze

    Some big market luminaries have recently joined the NFT bandwagon. In addition, powerful blockchain projects like binance and Cardano have recently come up with their own NFT marketplaces.

    Last week, Cardano announced the Ardadex protocol as a launch pad for NFT. The rapidly arriving ethereum alternative Solana also supports NFTs.

    What's your reaction?