The Non-Fungible Token (NFT) ecosystem is growing, as seen by sales volume. Sales volumes of non-fungible tokens (NFTs) increased by more than eight times from the previous quarter’s record to $10.7 billion in the third quarter of 2021, vividly illustrating the prolonged embrace in a frenzy that began at the start of the year.
According to Reuters, overall sales volume in the first quarter was $1.2 billion, and $1.3 billion in the second quarter, based on data from DappRadar, a crypto analytics platform. The latest sales volume record essentially made Q3 the greatest quarter in NFT history. According to DappRadar’s data, the NFT sales volume has surpassed $13.2 so far this year.
According to NonFungible.com, most on-chain transactions using NFTs in the third quarter were in the $101-$1,000 price range, while those in the $1,001-$10,000 price range accounted for 20% of sales, and 17 percent sold for less than $100. Only Ethereum-based NFTs are tracked by this analytics tool.
First, there was DeFi, and now it’s NFTs
While the world is still adjusting to the revolutionary potentials of decentralized finance (DeFi), NFTs have arisen, demonstrating how blockchain technology may be utilized to protect and verify the ownership of digital assets. So far, the NFT revolution has aided companies in determining how they may engage with their followers worldwide. As a result, NFTs are being embraced by both retail and institutional collectors alike, from Marvel Studios to TIME Magazine and even Dolce & Gabbana.
The dominance of Ethereum as the major center for NFTs is rapidly eroding since other protocols, such as Solana and Cardano, to name a few, now allow NFTs as well. Despite the disadvantages of increasing NFT prices, many people feel that platforms like OpenSea will help promote widespread adoption.In the third quarter, NFT sales reached a new high of $10.7 billion