The non-fungible token (NFT) market is experiencing a sharp increase in volume, up 115% from last month.
This follows record sales from NFT, such as Beeple’s nearly $ 800,000 art collector’s item.
NFTs are unique and non-interchangeable tokens.
According to a recent tweet from Dapp.com, a website focused solely on decentralized applications , the NFT market is booming.
Bitcoin is not the only digital asset in the spotlight. As the price exceeds $ 20,000, NFTs are also showing impressive growth.
NFTs or non-fungible tokens reached a 30-day volume of $ 10.15 million, up 115% from the previous month.
Some people even pay hundreds of thousands of dollars for a kitten #Crypto
What are the 10 most expensive NFTs? How much do they cost?
Various factors could have led to this sharp increase in growth. For example, last week an art collection by famous digital designer Beeple broke all previous price records when it sold for almost $ 800,000 .
Referring to the Dapp.com article, the previous record holder was the „genesis“ cat from the original NFT game, CryptoKitties.
The token of a blockchain-based game is the first non-fungible token created on the platform, which is significant for some.
What are NFTs?
Non-fungible tokens are crypto tokens that represent a rarity and therefore cannot be exchanged with other cryptocurrencies such as BTC or ETH .
If you have 1 BTC or 1 ETH, it doesn’t matter which unit you have. They are interchangeable. This is not the case with NFTs because they are varied. They can represent anything from art, real estate, digital collectibles, game items, insurance claims, and more.
Most NFTs are built on Ethereum using the ERC-721 token standard, which allows the creation of unique tokens. As more use cases and users engage in decentralized applications, this space could grow rapidly.
No more signs of growth
As Ethereum continues to rise after advancing to ETH 2.0, additional users appear to be participating in the Ethereum ecosystem. There are a variety of famous and emerging artists making the headlines.
SuperRare, a digital marketplace specializing in NFTs, sold more than $ 4 million in digital art last month. Artist Micah Jackson sold a single piece of art for $ 120,000.
The ecosystem is also witnessing the adoption of NFT by gamers, as Enjin, a decentralized gaming platform, has partnered with gaming giant Atari. The collaboration will offer Atari-themed NFTs on the Enjin platform.
Soon, Enjin users will be using classically-themed Atari NFTs in a variety of decentralized games. NFTs are probably more and more common and the networks behind them more robust.