LONDON : Sales volumes of non-fungible tokens surged to US$10.7 billion in the third quarter of 2021, up more than eightfold from the previous quarter, according to data from market tracker DappRadar, as the frenzy for crypto assets reached new highs.
On the biggest NFT marketplace, OpenSea, sales volumes hit US$3.4 billion in August. Activity remained strong even in September when global stock markets faltered.Cryptocurrency price gains during the COVID-19 pandemic are often cited as a driver behind the NFT market's growth - because people use cryptocurrencies to buy NFTs - but enthusiasts say that the crypto assets have value independently of market conditions.
Meanwhile, NonFungible.com, which tracks NFTs on the ethereum blockchain only, puts the 2021 total volume at US$7 billion.The most expensive known NFT sale was a digital collage sold at Christie's for US$69.3 million in March. Since then, no known NFT has come close to this price, but auction houses still hold NFT sales, often fetching millions.
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