Data on NonFungible.com, a website that tracks NFT transactions and marketplaces, revealed that the sales of digital non-fungible tokens (NFTs) have increased from $93 million recorded in the fourth quarter of 2020 to more than $2 billion in the first quarter of 2021.
This difference between the two figures shows that the number of NFT transactions conducted in Q1 2021 increased more than 20 times compared to the volume of the previous quarter. This total figure of over $2 billion does not comprise the sales of NBA Top Shots.
NBA Top Shots refers to the video highlights that are being turned into NFTs and traded and its trades which are recorded on the Flow platform amounted to $472 million earlier this year.
NFT sold by Beeple at Christie’s in March was also not included as the $69 million trades were traded through a partnership with Nifty Gateway.
Among the NFT projects that have significantly contributed to this remarkable record is the CryptoPunks project. In March, the project recorded $7,680,621 and $7,571,191 sales with an average price that went from $ 2,500 in previous months to $ 95,900 in just a few months and later dropped to around $ 45,000 by the end of that same month.
SuperRare (Art MarketPlace) and HashMasks (Collectibles) projects also contributed, the value of an artwork sold on SuperRare increased from $ 1,232 to $ 12,166.
The increase in the NFT sector is due to the attention it is attracting recently as it seems like the next big thing in the crypto space. Records on Google Trends data show that the volume of searches for ‘NFT’ increased greatly from the range of 0-100 since the beginning of the year showing the level of public interest in recent times.
Despite the huge drops in average prices from February last year, 2021 came with a turnaround as the over $ 2billion sales of NFTs are an indication of interest from the public. Reports on NonFungible.com also mentioned that there was a ratio of 73,000 buyers to 33,000 sellers, showing that more people want to purchase these and those who have are not planning to sell but continue keeping.
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