16.8 C
New York
Monday, October 25, 2021

NFTs are Capturing the Art Crowd

#NFTs #cryptocurrencies #blockchain #art


A NFT brand to see particularly high growth in Q-3 was Art Blocks, a US-based project which sells NFTs of algorithmically-generated digital artworks”— Paul Ebeling

Sales volumes of NFTs (non-fungible tokens), which are purchased through cryptocurrencies, spiked to $10.7-B in Q-3 of Y 2021 up more than 8X from the prior Quarter, according to data from market tracker DappRadar, as the deman for digital assets reached new highs.

NFTs use blockchain to record the ownership of digital items such as images, videos, collectibles and even land in virtual worlds.

Surging sales and hefty prices on NFTs, they are items which do not physically exist, baffle many, but the explosive growth shows no sign of abating.

On the biggest NFT marketplace, OpenSea, sales volumes hit $3.4-B in August. Activity remained strong even in September when global stock markets consolidated.

Cryptocurrency price gains during the VirusCasedemic are often cited as a driver behind the NFT market’s growth because people use cryptocurrencies to buy NFTs, but we believe that the crypto assets have value independently of market conditions.

Estimates for the size of the NFT market vary depending on what is included. Transactions which take place “off-chain,” such as NFT art sales at auction houses, are often not captured by the data.

NonFungible.com, which tracks NFTs on the ethereum blockchain only, puts the Y 2021 total volume at $7-B.

The most expensive known NFT sale was a digital collage sold at Christie’s for $69.3-M in March. Since then, no known NFT has come close to this price, but auction houses still hold NFT sales fetching millions.

More than 50% of NFTs sold in Q-3 were $101-$1,000, while those in the $1,001-$10,000 bracket accounted for 20% of sales, and 17% fetched less than $100, NonFungible.com says.

A NFT brand to see particularly high growth in Q-3 was Art Blocks, a US-based project which sells NFTs of algorithmically-generated digital artworks.

Last Saturday, an Art Blocks NFT sold for 2,100 ether, around $6.9-M at the time. Average Art Blocks prices have risen to roughly $15,100 per NFT in September, up from $3,300 in July, according to the data.

Have a prosperous day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

Related Articles

Stay Connected

- Advertisement -spot_img

Latest Articles