The NFT market is booming right now as million dollar sales are becoming common and mainstream attention is increasing. According to the DappRadar Dapp Industry Report there has been more than $1.5 billion in transaction volumes in the past three months. That’s an increase of 2627% compared with the last quarter of 2020.
CryptoPunks and NBA Top Shot have been among the most valuable projects in the NFT space. Their individual marketplaces have been leading the market in terms of value, while OpenSea is in third place. When it comes to absolute numbers NBA Top Shot is king, followed by OpenSea.
NFT sales happen in all kinds of shapes and sizes. Looking back at gaming NFTs in recent months, lots of sales are happening in Alien Worlds. In the last 30 days alone the mining exploration game on the Wax blockchain recorded 146 thousand sales with a total value or $466,560. Fantasy football game Sorare and tactical strategy game Axie Infinity has less sales, but a lot more value: $23 million and $9.8 million.
According to DappRadar the blockchain dapp industry has grown 639% in the past year. The number of active wallets across all blockchains reached 458,000 wallets per day, while that number was only 62,000 one year ago. Keep in mind that DappRadar calculates interactions with smart contracts. That means that wallets buying, selling, listing, or performing on-chain game actions all count towards the number of active wallets. Also important to note that one person can have multiple wallets across multiple blockchains.
NFTs can be anything. It can be art made by Hackatao, a weapon in Alien Worlds or a cute pink Axie. It can also be a collectible card of your favorite football player, an avatar, a legendary moment from the NBA or some sexy shots from Kara de Toro.
What are NFTs?
An NFT is basically a digital thing that you actually own. Something that you can trade, sell, use or destroy. NFT is the abbreviation for non-fungible tokens, which are tokens that signify unique ownership over digital assets. These assets can for example be items in a game, art, virtual land, actual contracts, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for a magazine. 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. A deeper explanation about NFTs is something you can find here.
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