The Hype Around NFTs is Back, Collectible Trend Continues As Prices Soar
It is known that NFTs have led the recovery of the crypto industry, as it climbs back up, and possibly heads towards a brighter future. The rising interest in Non-Fungible Tokens (NFT) led the charge to the crypto market. What makes NFT attractive to investors? The first reason for this is that only one person can own an NFT, secondly they are used as a store of value, and lastly they are used to connect with the creator of an NFT or its community.
Even so, the hype started to lay low in a matter of months. By May, the total NFT deals per week reached $19 million, which was down by around 90%, compared to April. When it reached its peak in March, the NFT markets gathered around $240 million in weekly sales. Yet, in the last part of July, the NFT craze started reviving, as sales stretched to levels that had never been seen before. According to NFT’s tracking platform data, a total of 179,489 NFTs have been sold for a total of $669 million in the past 30 days.
CryptoPunk NFTs remain greatly sought-after
The world of NFTs is exploding with a lot of developments, and this includes the soaring price of CryptoPunks. Created by Larva Labs in 2017, and the first NFT to run on the Ethereum blockchain, CryptoPunks is still the forerunner in the NFT world. As reported, sales and trader percentages have both increased over the past week and the weekly trading volume of NFTs has reached a staggering $340 million. Following the volume hike, sales of the CryptoPunks NFT collection produced by Larva Labs blew up over the previous week, growing by around 50%. Based on available data, it appears that CryptoPunk is not ready to slow down any time soon.
Christie’s NFT auction fever continues
The big name in the auction event sector, Christie’s, is about to set another milestone in the crypto art world, with the upcoming “No Time Like Present” auction, which is due to begin on September 17. The auction will be based in Hong Kong and will run for 11 days. This special event is set to mark the first international auction of NFTs to set foot in Asia. This will include CryptoPunks, Meebits and Yuga Labs’ Bored Ape Yacht Club (BAYC).
Christie’s maintains its ruling in the crypto auction space, as it teams up with a few top-selling artists. Pieces that go through Christie’s have achieved more than a million-dollar price mark. The auction house has reportedly achieved a total of around $93.2 million in NFT sales. Furthermore, Christie’s hosted the online-only “Trespassing” auction in July, that made $2.5 million, according to reported data. In line with the numbers in the report, Christie’s holds nearly 42% of sales accounted for in the entire NFT market.
Axie Infinity
The blockchain-based, game Axie Infinity, also did pretty well, doubling by more than its numbers for last month. Axie Infinity brought in more than $127 million in total sales during the past week alone. Furthermore, the total number of Axie users daily has reached 900,000, which is a rise of more than 230% compared to June’s data.
NFT Marketplace OpenSea
OpenSea, an NFT marketplace, has topped the leaderboard in the past 24 hours of gas consumption on the Ethereum blockchain, exceeding the DeFi exchange Uniswap. It was estimated that OpenSea could have $1 billion in volume with 300 thousand unique users this month. This NFT marketplace hopes to move forward with long-term scalability, as it plans to bring support for various blockchains to its platform. They have started with Polygon, and future plans include integration with Dapper Labs’ Flow blockchain, as well as Tezos down the line.
More names setting foot in the NFT world
Well-known celebrities, artists, musicians, brands and even real estate have a place in the NFT space. Over the past weekend, more key global brands and institutions entered the NFT area. The German auto manufacturer, Audi, announced the release of limited-edition NFTs through collaboration with xNFT, and the world-famous Marvel Comics also released an innovative NFT series highlighting the famed superhero, Spiderman.
In Conclusion
Without a doubt, NFTs are regaining their popularity, while spreading their reach across the world. Famous people, athletes and even brands are all investing in this asset, to promote their name, mission, objectives, work and more. Although it is yet to be seen where NFTs will take us, it is more than evident that they are here to stay. The new digital generation will barely recognize a world without these tokenized digital assets.
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