NFT Marketplaces are Booming: 5 Reasons Why NFTs Seem Exciting and Keep Growing Strong

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NFT marketplaces continue to garner more attention. According to crypto research firm DappRadar, all top 5 NFT marketplaces continue to attract an increasing number of traders with each passing month.

Axie Infinity saw a 50% increase in traders as the volume of trades rose by 83% in the second week of July 2021.

NBA Top Shot, the platform that lets users buy NFT versions of basketball game highlights, also saw about 50% more users, as total volume for the week rose to about $5 million within the same time period.

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SEE ALSONFT Transaction Volumes are Up Over 25x in the First Half of 2021

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Opensea, Rarible, and CryptoPunks also witnessed increased attention and activity, even though with much lower volumes.

The increased interest in NFT markets is in contrast to cryptocurrency markets, which have declined significantly since Bitcoin plummeted in May 2021.

The world of Decentralized Finance (Defi) has also declined with trade volumes dropping from $203.5 billion to $95 billion in June 2021.

Why NFTS Remain Exciting

  • Newer platforms also keep getting launched. Binance NFT marketplace and Featured by Binance are some of the latest marketplaces where people can buy and sell NFTs
  • Marketplaces regularly have NFT drops that account for bumps in attention. A NFT drop refers to when a new art collection gets listed on a marketplace
  • NFTs are likely more entertaining than cryptocurrencies. They represent a cooler way for the average person to get into the world of cryptocurrencies
  • NFTs have attracted celebrities like Tom Brady, Hannah Montana, and Paris Hilton. With their big fan-bases, their activities help to draw more interest to NFT marketplaces.

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RECOMMENDED READINGQLIP – An African NFT Ecosystem – Wins Africa Hero Award at the ‘Decentralized Africa’ 2021 Binance Hackathon

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