The Non-Fungible Tokens (NFTs) sales volumes have increased to the amount of $10.7 billion in Q3 in 2021, which is about eight times more from the second quarter. This data has been provided by DappRadar, a market tracker. This data suggests that crypto assets’ popularity has reached new heights.
NFTs record digital items’ ownership through blockchain. These items include videos, images, collectibles, and land in different virtual worlds. The hefty prices and surging sales on NFTs have confused many people as these items don’t exist physically. However, the increasing growth has shown no signs of slowing down. The value in the third quarter is up from about $1.2 billion in the first quarter and $1.3 billion in the second quarter.
In August, Open Sea, one of the largest NFT marketplaces, had about $3.4 billion in sales volume. Even during September, when the stock markets all over the world faltered, activity in the NFT marketplace remained strong.
One of the main reasons behind the growth of the NFT market has been the price gains of cryptocurrency during the pandemic. People can use cryptocurrencies to buy NFTs. However, this doesn’t mean that the cryptocurrency and crypto-assets don’t have a value that is independent of the market conditions.
Currently, the estimate for the Non-Fungible Tokens market size varies depending on the items that are included. Transactions like Non-Fungible Token art sales organized at the auction houses take place ‘off-chain’, meaning that the data doesn’t capture them. DappRadar has used multiple ‘off-chain’ and blockchains transactions and used it to calculate the total sales volume of 2021, which came to $13.2 billion. CryptoSlam is another market tracker which excluded the sales made off-chain and came up with the total transaction value of $9.6 billion.