NFT sales volume surged to all time high to $10.7 billion in the third quarter of 2021 from $1.3 billion in quarter two, up more than 8x from the previous quarter, according to data from market tracker DappRadar.
Surging sales and hefty prices on NFTs – items which have the digital presence – have baffled many but the explosive growth shows no sign of abating.
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). A NFT is a unique digital asset that represents ownership of real-world items like art, video clips, music, and more. NFTs use the same blockchain technology that powers cryptocurrencies, but they’re not a currency.
However, despite growing sales and Digital Artist and investors jumping on the trend, the number of NFT buyers remains relatively small: there were just 265,927 active wallets trading NFTs on the ethereum blockchain in Q3, NonFungible.com said.
NFTs in the Gaming Sector also surged, Axie Infinity blockchain-based game leading the “play-to-earn” sector
The most expensive known NFT sale was a digital collage sold at Christie’s for $69.3 million (roughly Rs. 515 crores) in March. Since then, no known NFT has come close to this price, but auction houses still hold NFT sales, often fetching millions
