• NFTs see a dynamic and unstoppable growth

  • The NFTs industry continues its tremendous growth.

    The recently released report for Q3 2021 shows that the industry is on a dynamic and unstoppable growth phase.

    The number of active wallets and activity in the industry has soared after the second quarter of 2021.

    Since the beginning of this year, NFTs or Non-Fungible Tokens have seen a significant growth. According to the Q3 2021 report published by non-fungible.com, it is evident that the cryptocurrency collectibles industry continues to rise. In fact, the industry is in a phase of dynamic and unstoppable growth. Moreover, the Quarterly Report also shows a surge in the number of active wallets. Moreover, the report also states that the total number of interested NFT buyers has also surged. Meanwhile, the total number of sellers has surpassed the number of buyers in the industry.

    Activity in NFTs is increasing

    In the third quarter of 2021, market action in NFTs has been observed to break the previously recorded quarterly metrics Growth is continuing with the demand for these tokens into the final months of the year.Researchers at Nonfungible.com recently released their quarterly report for the third quarter of 2021, which covers the third quarter of the year completely. According to the report, the data shows that the industry continues to grow across most metrics.

    Notably, the number of active wallets, i.e. wallets interacting with Non-Fungible Token smart contracts, increased by more than 102% from 203,719 active wallets in the second quarter to 412,578 wallets in the third quarter. On the other hand, the number of buyers of NFT tokens jumped from 97,658 in Q2 to 260,489 in Q3, i.e. an increase of more than 166%.

    In addition to these numbers, it’s worth noting that the number of sellers also jumped from just over 40,000 to near 123,000, an increase of more than 206% in the last quarter of the year.

    NFT transaction volume surges

    Moreover, in the second quarter, the figure of dollars that were converted into non-fungible tokens was $782 million. However, in the third quarter of the year, this amount has spiked a lot to $5.9 billion. According to the researchers, while the volume of dollars traded hit an all-time high at the end of August, there was a spike in active wallets in the sector. With the emergence of wallets, it has also been observed that weekly transaction volumes, which were close to $91 million, have climbed to more than $1.67 billion in just a few months’ time.

    However, after the spike, researchers observed that weekly transaction volumes stabilized at nearly three times higher than previous levels.

    Sports, gaming, arts and utilities are loyal to the sector

    When looking at loyalty, non-fungible token patrons like the meta are among the most loyal. The report observes that industries like sports, gaming, arts and utilities are following digital collectibles. Thus, with such demand, there is little question of loyalty. Moreover, these tokens have the highest sales, accounting for 76% of total sales. In contrast, 9% of the total sales of NTFs were observed to be concentrated in the art industry. In fact, these collectibles in the sports sector did not perform as well as others.

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