NFT sales volume reached $ 2.521 billion in the first half of 2021 by Reuters

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By Elizabeth Howcroft

LONDON (Reuters) – The non-fungible token (NFT) market rose in the second quarter, with sales of $ 2.5 billion this year, up from just $ 13.7 billion in the first half of 2020, according to market data.

NFT is a cryptographic asset that represents an intangible digital element, such as an image, video, or element in a game. Owners of NFTs are registered in the blockchain, allowing them to trade as a substitute for the digital asset that represents an NFT.

Sales volume has remained high this year after the NFTs exploded in popularity. Monthly sales volumes at OpenSea, NFT’s most important market, were on record in June.

(GRAPH: NFT sales at OpenSea in June about $ 150 million – https://graphics.reuters.com/FINTECH-NFT/DATA/azgvoqjajvd/chart.png)

Some NFT enthusiasts see it as a collection of intrinsic value because of its cultural significance, while others view it as an investment, speculating on rising prices.

Buyers are mostly between 10,000 and 20,000 a week since March, more than sellers, according to NonFungible.com, which includes NFT transactions in the etereum blockchain.

(GRAPHIC: Weekly NFT Buyers – NonFungible.com – https://graphics.reuters.com/FINTECH-NFT/DATA/jbyprzxebpe/chart.png)

Calculations of total sales volume vary depending on NFT transactions.

DappRadar, which tracks sales of multiple blockchains, said they had a volume of less than $ 2.5 trillion in the first half of 2021.

(GRAPH: NFT sales volume is very high in Q2 – DappRadar – https://graphics.reuters.com/FINTECH-NFT/DATA/qzjvqxanrpx/chart.png)

(GRAPHIC: Weekly NFT Sales Volume – NonFungible.com – https://graphics.reuters.com/FINTECH-NFT/DATA/dgkplrjagpb/chart.png)

Both sites only track sales that occur in the blockchain, also known as a “chain” transaction. Some of the largest NFT sales, such as auction houses, make a portion of the transaction “off-chain,” which means they need to be added to the data manually.

In March, the digital image was sold for $ 69.3 million as Christie’s NFT. No NFT sales have come close. The second most expensive NFT sale known was a “CryptoPunk” and grossed $ 11.8 million at Sotheby’s.

(GRAPHIC: NFT sports and collectibles are the most popular – https://graphics.reuters.com/FINTECH-NFT/DATA/xlbvgqwwyvq/chart.png)

The U.S. National Basketball Association’s Top Shot market, which allows fans to purchase and market NFTs as outstanding videos, has reduced volumes and dropped to 246,000 in June from 403,000 in March. The average price of a Top Shot “moment” dropped to $ 27 in June after reaching $ 182 in February.

(GRAPH: NBA Top Shot Sales Fall – https://graphics.reuters.com/FINTECH-NFT/DATA/ygdvzznnmvw/chart.png)

But because some types of NFT are less popular, others take off.

Bored Ape Yacht Club, a single set of 10,000 digital monkeys, has become a hit among collectors. The average monkey was sold at OpenSean on July 1 for $ 3,600, up 1.574% from the April sales price of $ 215. Sales totaled $ 61 million, according to the founders of the US club Yuga Labs.