October has yet to come to a close, and non-fungible token (NFT) trading volume has already surpassed $15 billion, according to data from MejoresApuestas.com.
The rise could certainly be attributed to a confluence of events, namely Wall Street’s embrace of cryptocurrencies as of late. The debut of the much-anticipated bitcoin futures ETF from ProShares has a lot to do with the crypto fanfare, as does bitcoin hitting an all-time high in October.
Now, the crypto euphoria is apparently spilling over into other digital assets like NFTs. NFTs represent digital assets, such as visual artwork or music, which are verified on a blockchain network for a claim to unique ownership of that particular asset.
“NFT marketplaces play a crucial role in bridging the gap between buyers and sellers, allowing artists to put up their NFT artworks for sale and enabling investors to purchase the item of their choice through bidding,” a press release said. “Therefore, any NFT developer or enthusiast must go through the NFT marketplace list to ensure profitable deals on the artwork, collectibles, and other digital assets.”
“Last week, the all-time trading volume on the largest and the original peer-to-peer NFT marketplace hit over $9.4bn, or 60% of total trading volume on all marketplaces,” the release added. “Also, statistics show that as of last week, OpenSea hit a total of 575,000 traders, with an average price per deal of $861.”
An Expanding Marketplace
The NFT marketplace continues to expand as stories of celebrities jumping on this new digital bandwagon continue to gain traction. In the meantime, trading volumes continue to surge, and this could just be the beginning as the shift to a decentralized economy is in its nascent stages.
“Monthly NFT-trading volumes on designated art platforms, including Nifty Gateway and Foundation, reached $205 milion in March this year, with the sale of Beeple’s opus marking the height of the frenzy,” an Economist article noted. “The ardour for artwork has cooled since. But the wider market for NFTs is evolving. The idea of issuing a unique token that contains information, proves ownership and has some ownership rights has taken hold for other uses.”
As such, institutional money is seeing an opportunity, and they’re already diving in deep.
“Many venture capitalists and developers are attempting to build a new kind of digital economy, in which everything you do online will be run through ‘decentralized’ applications that can be owned and operated by users,” the article added.
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