$74,166.00
9.03%$2,601.25
7.89%$4.04
6.56%$589.02
6.23%$182.49
14.91%$0.998427
-0.20%$0.206422
26.93%$0.532894
5.43%$2,588.86
7.49%$0.162165
-0.32%$0.356454
7.96%$4.81
3.63%$0.00001932
11.43%$74,209.00
9.16%$3,002.52
5.22%$26.00
13.95%$2,604.63
8.05%$11.62
12.01%$365.94
10.76%$2.23
19.65%$1.002
0.14%$6.08
0.31%$69.23
4.76%$4.13
13.35%$8.02
17.17%$2,737.17
7.95%$9.06
11.15%$0.00000948
17.39%$7.89
11.53%$502.93
19.38%$1.33
17.35%$0.117049
11.69%$160.45
0.63%$19.17
7.85%$0.096383
5.57%$1.004
0.24%$19.35
2.28%$1.66
12.34%$0.318687
8.01%$1.017
1.79%$2.39
21.04%$38.72
3.69%$150.02
13.93%$3.56
7.72%$0.077365
9.01%$0.520181
8.86%$0.584761
5.66%$1.15
7.92%$1.51
10.52%$4.89
13.73%$4.63
8.47%$0.04906694
13.42%$18.92
14.16%$0.643631
16.65%$5.19
18.38%$4.38
10.65%$0.02129904
9.80%$1.17
5.83%$2,572.94
6.75%$0.375048
10.27%$0.00002164
18.83%$0.148019
11.57%$1.43
14.39%$2,886.64
7.22%$1.003
15.28%$0.00013744
14.45%$0.365497
11.87%$1.40
8.84%$2,722.71
7.92%$1.96
15.64%$1.17
12.84%$73,281.00
7.76%$8.80
4.99%$9.31
4.51%$0.386835
18.16%$6.31
11.98%$1,187.51
3.31%$0.119766
7.37%$0.679599
12.49%$50.18
9.84%$222.72
13.90%$74,096.00
8.22%$2,673.80
8.15%$14.71
11.94%$0.01956228
17.03%$1.053
10.28%$3.53
6.60%$0.091123
18.48%$2.70
0.49%$60.49
6.47%$0.01684778
10.84%$0.318006
7.85%$0.00000213
20.69%$1.24
16.36%$0.00000085
5.46%$0.875863
11.61%$0.525676
9.31%$0.992273
-0.79%$0.02027679
14.29%$74,100.00
8.82%$0.00906173
14.72%$2,610.56
8.46%$4.71
14.46%$0.36562
8.06%$9.51
3.20%$0.995219
-0.46%$1.015
11.08%$4.74
9.33%$0.797416
18.99%$0.122805
3.08%$72,918.00
7.22%$0.704119
49.76%$33.74
10.33%$0.07429
16.71%$73,648.00
8.40%$189.86
13.95%$9.68
8.01%$24.54
9.51%$2,744.74
0.36%$0.443436
7.44%$0.146476
13.04%$0.00003389
8.78%$0.01301643
6.40%$1.021
7.38%$0.00644541
11.83%$1.00
0.32%$0.643143
7.54%$0.969127
7.37%$2,614.94
8.54%$0.00147042
13.57%$0.00883848
19.43%$0.510343
11.82%$0.217762
8.60%$2,667.59
7.77%$0.716545
10.15%$0.249793
8.99%$38.46
3.68%$2.36
9.03%$1.29
17.39%$0.01260607
9.22%$217.46
5.35%$0.00816506
14.69%$16.60
10.34%$0.292663
9.44%$0.060193
9.69%$1.005
0.37%$2,750.15
0.41%$1.83
13.61%$2,598.32
7.88%$1.056
4.10%$0.078581
0.98%$2,828.48
8.32%$2.68
13.27%$1.39
10.23%$0.436598
15.67%$1.005
0.87%$0.00009079
8.29%$0.00000023
14.44%$1.70
6.71%$0.127952
10.01%$1.86
22.25%$8.01
9.24%$1.39
9.68%$0.976984
8.29%$0.06546
9.78%$0.00431375
25.42%$0.425662
23.34%$0.433132
20.19%$2,553.14
5.78%$0.00000042
-1.57%$0.212339
15.52%$73,705.00
8.49%$2,595.61
7.77%$183.45
14.45%$1.084
1.68%$0.054884
9.61%$0.995036
-0.26%$1.063
-0.37%$0.968877
4.13%$0.02655355
-0.73%$0.113788
8.79%$95.95
6.95%$22.71
6.89%$2,612.16
8.42%$43.35
5.04%$0.204878
26.35%$2,599.15
7.86%$0.129461
8.87%$0.03900574
6.65%$3.29
8.31%$0.00
10.61%$0.06999
17.14%$10.09
9.94%$0.985837
-1.55%$0.33002
10.63%$0.01185499
12.71%$0.052256
7.56%$7.07
11.10%$0.998988
-0.20%$3.19
17.11%$0.606635
10.45%$2,783.17
8.04%$0.18061
12.50%$0.00630057
12.89%$2,715.70
7.95%$0.664206
4.14%$0.761754
4.76%$0.605519
8.99%$3.10
16.47%$0.246519
7.88%$2,856.34
7.70%$1.28
10.21%$0.248665
9.72%$1.43
12.53%$0.298843
9.17%$3.61
14.31%$0.0036818
6.52%$73,828.00
8.88%$1,500.29
9.86%$0.00164008
11.49%$74,105.00
8.96%$0.294706
18.55%$2.41
3.85%$0.418636
9.66%$1.39
11.66%$73,927.00
8.72%$0.00055851
13.29%$2.21
17.74%$2,731.10
7.27%$0.02813007
2.12%$22.89
6.12%$0.00085718
24.39%$0.368952
-2.81%$0.01408366
8.91%$73,872.00
8.55%$0.308568
9.50%$2.76
4.81%$3.48
4.47%$0.478377
18.14%$16.71
10.44%$0.310754
10.57%$15.68
-0.31%$0.63599
5.84%$6,120.23
-2.38%$0.00442667
4.92%$2,858.74
4.35%$0.46219
24.27%$23.00
2.78%
The momentum behind cryptocurrency-based digital collectibles continues to build as the NFT market posts its best month yet—with tradeable “moments” platform NBA Top Shot leading the way.
NFTs, or non-fungible tokens, are digital works (mostly art, trading cards or in-game items) that exist primarily on the Ethereum network and have a unique and verifiable on-chain identity. And the market for such items is exploding.
The top three NFT marketplaces saw a combined trading volume of $342 million in February as interest in digital collectables continues to rise among everyday users and high profile celebrities, according to Dapp Radar’s February 2021 Industry Report. For context, NFTs saw just $12 million in volume December 2020 and just over $200 million for the entire year, according to industry data firm NonFungible.
Unlike most other digital assets—such as Bitcoin or Ethereum tokens, which are functionally the same and can be freely interchanged—NFTs cannot be duplicated or split among various holders. Like a piece of unique art, NFTs are valued for their cultural significance and social capital that holding notable pieces implies. NFTs are also popular among artists because a portion of any resale price is given directly back to the original creator.
And there’s been no shortage of notable NFT issuances in recent months.
Musician, and girlfriend to Tesla founder Elon Musk, Grimes recently sold a collection of NFTs for $6 million, and musician 3LAU sold an album of 33 NFTs for $11 million. Digital artist Beeple made over $3 million in a single weekend through the sale of an NFT collection, and Lindsey Lohan and Post Malone have also gotten in on the action, selling some pieces for as much as $50,000.
NBA TopShot, offering basketball-themed collectibles officially licensed by the NBA, is the reigning champion among NFT marketplaces to date. According to Dapp Radar, NBA Top Shot captured more than 65% of the total NFT market volume in February, worth more than $225 million.
The limited-edition Cryptopunks market saw volume of $79 million over the same period, and Hashmasks volume rose to $33 million. The largest single NFT sale to date topped $6.6 million for the ‘Crossroads’ piece on the Nifty Gateway secondary market. Not to be left behind, the NFT-base crypto game Axie Infinity also saw record breaking sales in February, with nine plots of in-game land being sold for more than $1.5 million.
At this rate, it may not be long before $300 million in monthly volume for NFTs seems like a small figure.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
