Home NFT sales surge past the $4 billion mark in the last 30 days
Finance News

NFT sales surge past the $4 billion mark in the last 30 days

Edith Muthoni Freelance Writer Author expertise
Fact Checked
Fact Checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
We do our best to help you make intelligent financial decisions. Tradingplatforms.com is compensated if you access certain products or services offered by eToro USA LLC and/or eToro USA Securities Inc. and other brokerage companies. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success. This however does not affect our assessments of the brokers, their features, and their overall rating.

Non-fungible token (NFT) marketplaces have made a killing in the previous month. According to data presented by tradingplatforms.com, NFT global sales surpassed the $4 billion mark. The data covered sales from over 40 marketplaces.

Tradingplatforms’ Edith Reads has been analyzing the data. she says, “2021 will go down as the breakout year for NFTs. The growth in their sales is due to two main factors. First, people are increasingly understanding their value in the provenance of ownership. Secondly, celebrities and artists like Kevin O’Leary and Snoop Dogg are adopting NFTs, pulling their followers into the space with them.”

OpenSea’s dominance

OpenSea, the Polygon-supported marketplace, topped the sales figures. The platform handled about half a million transactions. In the process, it ended up with over $3 billion in returns. Besides accounting for three-quarters of the revenues, OpenSea also saw its transactions grow by 20 percent.

Edith Reads links OpenSeas’s impressive results to a combination of factors. She opines, “Much of the platform’s success has come from its market dominance. Besides that, it has a superior asset offering, a streamlined listing process, and a solid monitoring system.”

Following a distant second was Magic Eden. The platform that runs on the Solana Blockchain earned over $240 million. Its transactions grew by over half, whereas its revenues surged by over 90 percent.

Another platform, Axie Infinity, placed third. It sold NFTs exceeding $200 million. However, things weren’t rosy on its front. It shed off roughly 30 percent of its trades, leading to an almost 70 percent plunge in its proceeds.

The under $100 million NFT sales group

CryptoPunks and Mobox were the other platforms to gross $100 million in sales. The former made over $140 million while the latter just crossed the $100 million mark. The two took the fourth and fifth positions, respectively.

A second group of 16 marketplaces made under $1 million from their NFT trades. At the lower rung of this group is The Sandbox Marketplace that sold NFTs roughly worth about $1 million. And at the higher end is BloctoBay, whose NFT sales netted over $56 million.

The remaining 24 platforms made less than $1 million. BakerySwap, for instance, sold $27 worth of the asset, whereas Treasureland’s returns exceeded $630 thousand. 

Beginning with their 2017 debut, the global NFT market has grown in leaps and bounds. By the end of 2021, the sector recorded sales exceeding $23 billion. Analysts say their market share will increase further as they find more adoption across sectors. 

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post your Question

Leave a Reply

Write a Review

Your email address will not be published. Required fields are marked *

Edith Muthoni Freelance Writer

Edith Muthoni Freelance Writer

Edith is a dynamic and seasoned finance writer with a focus on crypto and trading - featured on different platforms, including Cryptopolitan.com, Insidebitcoins.com, and Learnbonds.com. With a Bachelor's Degree in Actuarial Science from Strathmore School of Business, Edith combines her education and experience to analyze complex market trends. This solid foundation also enables her to simplify complex trading strategies, delivering informative content, relevant to our fast-paced economy.

Edith's passion for finance and cryptocurrency keeps her at the forefront of industry news. She creates content that empowers her readers. She’s also a personal finance coach, providing expert advice on trading and other intricate finance issues