The Non-Fungible token market has seen tremendous growth since the beginning of this year as renowned celebrities, and prominent artists have taken their works to the space. Amid the growth is the NFT made by Beeple sold for about $70 million, having caught the attention of the media and news outlets.
However, the hype around the revolution began to cool off as time passes. In May, the total average sales of NFT in a week is about $19 million, which signified a 90% plunge from the record in April. Yet, March remains the peak of the sales as the market recorded over $240 million per week for the sales of NFTs.
Despite that, since the ending of July, the hype around the NFT has gotten the wake as the sales have never gotten to the level it has never gotten to.
The NFTs Hype is Back
After the still moment in the market, the NFT sales are back with new records. A few days ago, the CEO of the leading NFT Marketplace, OpenSea, Devin Finzer, announced that the company had gathered about $95 million in sales in just two days.
Devin said, “the volume of transactions seen on OpenSea is about $21 Million in 2020, and in just two days, the sales are about $95 Million. The growth curve is just insane.”
In addition, Messari, a renowned crypto researcher, published data that unveiled that OpenSea has facilitated transactions worth $1 billion so far in 2021 compared to the $24 million worth of transactions processed in 2020.
The unexpected growth in the volume of transactions coincides with the huge surge in the number of users registered on the NFTs marketplace. As of July, about 63,000 unique addresses traded on the marketplace, but in just the first three days of August, over 28,000 addresses have traded on the platform.
The growth rate seen on this marketplace is so insane and has led to an optimistic projection that OpenSea would see transactions over a billion dollars in August.
Amid this saga are records from CryptoPunks where about $207 million were gathered in sales in just a week. This figure represents about a 50% increase in sales made in the history of the firm.
Aside from these firms mentioned above, other firms recorded huge sales of the NFTs, like Axie Infinity that made about $127 million in sales in just a week. Altogether, the trading volume of NFTs in a week has reached a whopping $340 million. This figure represents about a 70% increase in comparison to sales made in July.