Sales of Nonfungible Tokens (NFTs) Surges to Record Highs at US$2.5 Billion in the First Half of 2021

The NFT (Nonfungible Tokens) sales have increased to all-time high in the first 6-months of 2021. Data from DappRadar shows that the sales of NFT reached a record high at US$2.5 billion, which is an increase of US$13.7 million in sales from the first half of 2020.

Reuters has cited statistics from Dune Analytics to report that OpenSea NFT marketplace witnessed a record month of sales in June 2021, which is almost US$150 million. This figure is almost a 1,000% higher than that of the sales figure of all markets over the entire first half of 2020.

The enthusiasts and buyers of NFT consider these digital assets as unique digital collectibles having intrinsic value (considering their cultural significance). There are many others who consider NFTs as investible assets, on which they can speculate on rising prices.

Since early-March 2021, there are around 10,000 to 20,000 buyers of NFTs every week, as per NonFungible.com (aggregates Ethereum- based NFT transactions). During this period, US$1.3 billion in sales took place. However, they have excluded nearly US$8 billion in DeFi-based NFTs.

The most amount of sales is recorded is US$69 million, back in March 2021 following a Christie’s auction. This amount was fetched by renowned artist Beeple’s “Everydays: The First 500 Days”. The volume of NFT transaction since December 2020 till June 2021 has multiplied by over 25-times.

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