Non-Fungible Tokens (NFTs) are Seeing a Big Boom with Over $100 Million Sold in 2021 So Far

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The Non-Fungible Tokens (NFTs) space is seeing a huge boom in 2021 with over $100 million already transacted on NFT marketplaces, according to latest statistics.

Similar to the DeFi space, NFT marketplaces are predominatly powered by the Ethereum ecosystem. Unlike DeFi however, these marketplaces are popular among artists and collectors.

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SEE ALSOUniSwap Becomes the First Decentralized Exchange to Process Over $100 Billion in Volume

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Below is a breakdown of the impressive growth stats among the top marketplaces in the thriving NFT ecosystem:

  • The top 17 highest-priced sales of crypto collectibles have happened in the last 30 days
  • NBA Top Shot has sold over $70 million worth of collectible NBA moments since launch in October 2020 – the largest volume in the NFT markets so far
  • OpenSea, the leading marketplace for NFT resales, saw increased volumes by 400% in one month – from $8 million to $32 million in February
  • Nifty Gateway, the leading crypto art markplace by volume, saw volumes of nearly $6 million so far in February – In January, total volume stood at $8.72 million
  • SuperRare saw total sales volumes of over $10 million – $7.87 million in primary sales and $2.19 million in secondary sales
  • CryptoPunks and Hashmasks are the highest priced sales, with CryptoPunk 2890 topping the list at $747k, followed by Hashmask 9939 at $640k

NBA Top Shot – a product of Dapper Labs, the company behind the 2017 CryptoKitties hit game – is the latest success in the NFT world. Top Shot is like a trading card, where users buy, sell, and trade video clips of players called ‘Moments.’

These ‘Moments’ can be bought in packs and opened (starting at $9) just like traditional trading cards in the basic sense where the contents are a surprise. These ‘moment cards’ can also be bought individually in a wide range of specialty collections aimed to create exclusivity and then stored in virtual wallets.

What is an NFT?

A non-fungible token (NFT) is a special type of cryptocurrency where every single token is unique and individual, making these tokens idea for collectible cards or digital art.

Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another and neither are they indivisible. This is because no two NFTs are identical – even those that exist on the same platform, game or in the same collection.

Think of them as festival tickets. Each ticket contains specific information including the purchaser’s name, the date of the event and the venue. This data makes it impossible for festival tickets to be traded with one another.

As a result of these features, NFTs are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms.

NFTs have already given artists more control over their creations, making it far easier for them to monetize their work. Because of the legitimate scarcity made possible by blockchains, buyers can rest assured that the art they purchase is, in fact, rare. This gives digital art real value that we’ve never seen before.

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RECOMMENDED READING: Personalized and Franchise Community Tokens Are Growing Rapidly with No Signs of Slowing, Latest Messari Report Reveals

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