With Only Two Projects, Market Saw Selling of Over US$ 10 Billion Worth of NFTs

Non-Fungible Tokens (NFTs) is a mixture of two words, both having a different meaning. The word “Non-Fungible” usually reflects something which is either unique or something, in physical form, that cannot be exchanged with other things. On the other hand, the word “token” is also very common and known by most of people. If you go back to the times when arcade games were introduced, these games required the insertion of “tokens”. Once the token was inserted, the player was able to get the chance to play the game. However, time has greatly evolved since then. With the advent of crypto, a softer form of crypto was called as “tokens”. In NFT the word “token” therefore represents a crypto token containing the monetary value in digital form.

At presently the world has been set ablaze by NFTs. The majority of NFTs have been developed by those whom people admire the most i.e. celebrities, sports personalities, artists, and other personalities. It primarily allows a person to even support his or her most loved celebrity financially. Or NFTs can be developed by a celebrity for pleasure or for keeping his or her fans engaged with the celebrity as well. NFTs are also being used by organizations and individuals for selling collectible items, which the normally the public cannot by physically. But it is current a trend which everyone is following and it continues to attract more and more interest.

Recently, there was some amazing sales of NFTs that took place. As of September 20, 2021, approximately US$ 10 Billion worth of NFTs have been sold in the NFT market. What is even more shocking to note is that this huge amount of sales was collected from two projects only. Both projects were commenced and eventually ended at the globally renowned NFT marketplace known as “Opensea”.

As of 20th September, Opensea alone had engaged with 452,319 buyers and sellers of NFTs. Amongst these traders, the total sale proceeds against NFT sale were recorded to be US$ 6.85 Billion by Opensea. Even at the beginning of September, 2021, Opensea had already sold NFTs amounting to more than US$ 3.78 Billion. Collectively the amount of NFT sales at the platform of Opensea exceeds US$ 10 Billion. These records are phenomenal from the perspective of Opensea as well as for the NFT industry as a whole. This shows how much interest has been drawn by this unique, and relatively very new, NFT industry.

The two projects, which undoubtedly widened the spotlight for NFT market were Axie’s and Cryptopunks’s collectibles. Both crossed multiple billion sales and are the most expensive ones to date in the history of NFT sales.

In the near future, the NFT market is anticipating the launch of NFT projects which will sell collectibles from Marvel and DC Universe. One can only imagine how huge the sales would be when the two future projects will be launched.