The concept of cryptocurrencies have become highly inclusive of other innovative extensions of the industry. One such innovation is known as non-fungible tokens (NFT). The concept of NFTs have taken the market by a storm. It has attracted several industries and sectors to explore the practical implications and the scope of NFTs.
The music and entertainment industry are the lead runners in this regard, and they have widely adopted the concept of NFTs to make gains over their paintings, songs, movies, and other such valuable art items.
A major positive development was observed for the NFT market over the weekend. A sharp rise and increase was observed in their trading volumes and their prices as well, that too, within a week. This shows the increasing interest of the public sector in the relatively new concept, and it explains how the digital world is set to rule various sectors and industries in the coming years.
Increasing trading volume of several NFT projects
Even though the increase was observed on various NFT projects, the highest upsurge came when the NFTs on Ethereum reached the staggering $171 million mark, in terms of its trading volume. This figure is an accumulation of over 335% from the last month. This whopping increase send shocks down the market, and alarmed bells for anyone who did not take NFTs seriously.
On the other hand, an NFT marketplace, OpenSea, also saw a massive breakout and upsurge in its trading volume within two days. The overall volume of the marketplace breached the mark of $49 million at the start of this month. This is astonishingly high from its all previous records and targets.
In addition to this, ArtBlocks Curates, a collection of NFTs also saw an average price of nearly $21,000, shattering all its previous records. CryptoPunks crossed $78.4 million in terms of trading volume, and the average price also shot up to over $175K. The digital collectibles of Bored Ape Yacht Club achieved an average price of over $29,000. A few events and meetings massively fueled the upsurge of BAYC collectibles.
All of these price surges and increase show that how NFTs are becoming a major force to reckon in the economic structure. As NFTs provide a thorough solution for the issues of copyrights and piracy, many users are coming on board with the idea. Therefore, the future looks impressively promising for various NFT projects, and this week’s success is an evidence for this claim.