The NFT sector is rising at an ever-increasing rate. At present, the trading volumes increased to $340 million in February 2021 from $12 million in December 2020, according to market reports. In January, the market reached a $220 million high. Likewise, the sales value of NFT continues to rise while a piece of NFT has been sold for a whopping $6.6 million. More people are getting attracted to crypto-based digital collections while the NFT sector reached its record level in February, but there is still a likelihood that the momentum will keep increasing.
The Bullish Momentum Keeps Soaring Higher
NFTs, a short term for Non-fungible tokens, refer to artworks or in-game articles which occur mainly on the Ether networks, having a unique and identifiable on-chain identity. The good news is that the industry keeps surging daily. The leading three NFT platforms witnessed a collective trade volume amounting to $342 million February this year. This is because the sector is attracting more and more investors into its fold. Influential individuals and celebrities across the globe have also joined in promoting NFT. For instance, the NFT marketplace recorded just $12 million trading volume in December last year and $200 million for the whole of the previous year 2020.
Contrary to the style used by Bitcoin and Ethereum coins that function in the same way and can be easily be replaced by the other, you can’t replace one NFT with another. Also, you can’t divide an NFT nor share it between different holders. Each NFT is unique in its way. NFTs are artworks that are important due to their cultural importance and socioeconomic reasons
Famous Individuals and Top Celebrities Are now Associated with NFTs
Celebrities are also attracted to NFTs mainly because the creator of an NFT gets a percentage of the price sold. Plus, there is no scarcity in the NFT marketplace since its popularity soared last year. A famous musician who is also close to Elon Musk, Grimes also earned $6 million for the sake of some NFTs. Likewise, 3LAU, another musician, made $11million from the sales of more than 30 NFTs. As for the famous digital artist, Beeple, he earned more than $3million in 2 days from the sale of some NFT collectibles. Also, Lindsey Lohan made thousands of dollars from the sale of digital assets.
In the same vein, another musician, Grimes, made $6million selling NFT collectibles. In January, it was reported that the five leading largest Ether NFT platforms witnessed a trade volume totaling $2.6 million in just a week. SuperRare came atop as the number one as it recorded over $1 million from 480 transactions. A few weeks ago, some analysts studied some of the top NFTs out there.
They discovered that for the past six months, the NFT sector has been rising in both volume and popularity. And it is important to pinpoint the particular programs that are rising the most. In just seven days, one of the leading NFT art marketplaces made more than a million dollars, 30% of the total volume. Also, OpenSea made $840,000 while Rarible also earned $716,000.