Pushed forward by the sale of CryptoPunks and Hashmasks, the NFT market on the Ethereum blockchain has seen 1000 percent growth month-over-month. According to the Dapp Industry Report by DappRadar the market grew from 3 million dollars in December to 33 million dollars in January.
CryptoPunks has seen some huge sales over the past few weeks, most notably the 760 thousand dollar alien punk. However, Hashmasks generated 9 million dollars in sales in the last few days of January. According to DappRadar projects like Decentraland, Art Blocks and Axie Infinity also contributed reported volume.
However, the biggest NFT project on the blockchain market doesn’t use the Ethereum blockchain. NBA Top Shot on the Flow blockchain recorded more than 40 million dollars in trading, singlehandedly dwarfing the entire NFT ecosystem in terms of trading volume.
What are NFTs?
NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can be items in a game, crypto art, digital collectibles or perhaps a contract over virtual or even physical real-estate. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.
A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be based compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token.
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