NFT Market Takes off With 115% Month Over Month Growth

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In Brief
  • The non-fungible token (NFT) market is witnessing a large increase in volume, up 115% since last month.

  • This follows some record-breaking NFT sales, such as Beeple's almost $800,000 art collection piece.

  • NFTs are unique, non-interchangeable tokens.

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According to a recent tweet from Dapp.com, a website solely focused on decentralized applications, the NFT market is booming.

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Bitcoin isn’t the only digital asset in the spotlight. As the price smashes through $20,000, NFT’s too are showing impressive growth.

NFTs or non-fungible tokens have reached a 30-day volume of $10.15 million, representing a 115% growth from the previous month.

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There are a variety of factors that could have led to this large increase in growth. For example, last week, an art collection by famous digital graphics designer Beeple broke all previous price records when it sold for almost $800,000.

Referencing the Dapp.com article, the previous record holder was the ‘genesis’ kitty from the original NFT game, CryptoKitties.

The genesis token of a blockchain-based game is the first non-fungible token created on the platform, which is significant for some.

What Are NFTs?

Non-fungible tokens are cryptographic tokens that represent scarcity, and therefore cannot be interchanged with other cryptocurrencies like BTC or ETH.

If you have 1 BTC or 1 ETH, it doesn’t matter which unit you own. They are interchangeable. This is not the case with NFTs as they range in variety. They can represent anything from art, real estate, digital collectibles, gaming items, insurance claims, and more.

Most NFTs are built on Ethereum using the ERC-721 token standard, which allows for the creation of unique tokens. As more use cases and users get involved in decentralized applications, this space could show rapid growth.

More Signs of Growth

As Ethereum continues to rise in price after its progression to ETH 2.0, additional users appear to be taking part in the Ethereum ecosystem. There are a variety of famous and emerging artists making headlines.

SuperRare, a digital marketplace specializing in NFTs sold over $4 million in digital art last month. Artist Micah Jackson sold a single piece of artwork for $120,000.

The ecosystem is also witnessing NFT adoption from gamers, as Enjin, a decentralized gaming platform, has partnered with gaming juggernaut Atari. The collaboration will offer Atari-themed NFTs on Enjin’s platform.

Soon, Enjin users will utilize classicly-themed Atari NFTs in a variety of decentralized games. NFT’s are likely becoming more mainstream, and the networks behind them more robust.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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