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NFT Hype is back – stronger than ever

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Cryptopunks NFT
Source: commons.wikimedia.org

The NFT market grew significantly at the beginning of this year, as a number of prominent personalities and renowned artists launched dozens of digital images. Unseen, the artist Beeple, whose work was auctioned off at the Christie´s auction house for an incredible almost $ 70 million and was hit on the front pages of many media outlets, was unprecedented.

However, the NFT market gradually started to cool down within a few months. In May, total NFT sales for the week reached $ 19 million, a decrease of approximately 90% compared to April. At its peak, in March this year, the NFT markets were able to generate sales of around $ 240 million during the week. Now, however, it seems that since the end of July, the madness around NFT (unmistakable) tokens has begun to pick up again, as NFT sales have reached levels never before.

The hype around NFT is back

After a period of rest, the hype around the NFT is back and reaches new heights. A few days ago, Devin Finzer, CEO of the leading marketplace with NFT OpenSea, revealed that his company generated sales of around $ 95 million in two days.

“In 2020, OpenSea had a total transaction volume of approximately $ 21 million. That’s $ 95 million in the last two days. The NFT growth curve is absolutely insane “

In addition, data from leading cryptocurrency company Messari reveals that OpenSea has so far processed more than $ 1 billion in transactions this year.

This unprecedented growth in terms of transaction volume coincides with the wild increase in the number of OpenSea users. Approximately 63,000 unique addresses were traded on OpenSea in July, compared to more than 28,000 addresses during the first three days of August.

NFT winners

During this mania, the CryptoPunks showed the best performance and recorded an incredible $ 207 million in revenue in one week. In addition, CryptoPunks prices have risen by approximately 50 percent, and many of these sales have gone down in history.

Recently, several CryptoPunks have sold for millions, which has caught the attention of many market participants. For example, CryptoPunk # 5217, a striking-looking guy with a gold chain and a knitted hat, was sold for about $ 5.5 million on July 30th. Another NFT in this category, CryptoPunk # 2140, was sold for more than $ 3.7 million.

In addition to CryptoPunks, the online video game Axie Infinity based on blockchain also performed quite well. Last week alone, Axie Infinity generated sales of more than $ 127 million. In addition, the total number of Axia daily users reached 900,000, which is more than 230% more than the number of users in June.

Conclusion

While I admit that I don’t understand the NFT market very well, one thing is clear, the NFT market is back in full force when the weekly trading volume of the NFT reached an incredible $ 340 million. This is a 70% increase compared to mid-July, when NFT sales reached their previous level.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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