NFT market… What’s going on there? We’re happy to share another LATOKEN review, and we will talk about the popularity of NFTs that has grown exponentially in 2021. The NFT price also shows rapid growth. How has the industry developed in recent months, and what to expect from it in the future? In this LATOKEN review, we will try to figure it out.
August 2021 saw the second boom in the non-fungible token (NFT) sector this year. It is indicated by the multiple growths of the monthly trading volume on the OpenSea NFT marketplace.
We saw the first wave of popularity of the NFT sector at the beginning of 2021. The humanoid robot Sophia, the singer The Weeknd, the football player Tom Brady, the Russian mixed martial arts fighter Khabib Nurmagomedov, the legendary football player Pele, the boxer Floyd Mayweather and many other celebrities issued their own NFTs.
In the first half of 2021, sales of non-fungible tokens reached a record $2,5 billion. To compare: in 2020, NFT sales were $95 million — it’s 26 times less!
One of the most popular collections in the NFT sector is CryptoPunks. The collection consists of 10K digital avatars in the form of humans, monkeys, aliens, and other creatures. The most expensive NFT token from the collection is “Alien,” which was sold for $11,8M in June at Sotheby’s.
On August 23, it became known that an American multinational financial services corporation Visa bought the CryptoPunk NFT token for $150K. Visa used the services of the first US federal-level crypto bank Anchorage. The company didn’t interact with Ethereum to buy the token but instead executed the transaction using fiat currency. CryptoPunk #7610 is also stored by Anchorage.
Within just one hour after the purchase of the NFT token by Visa, the creators of the CryproPunks collection sold over 60 of their NFTs. The cost of each NFT exceeded $200K. It is also known that on August 28, the daily trading volume of CryproPunks tokens exceeded $143,6M.
What is EtherRock? NFT market review
This August, NFT tokens from the EtherRock collection created in 2017 and consisted of one hundred identical drawings of stones gained extreme popularity. Currently, NFTs from the collection are up for resale on various marketplaces, and their price ranges from $96 thousand to $1,9 billion.
It should also be noted that the total trading volume of EtherRock tokens exceeded $15,5 million, according to OpenSea.
On August 8, someone unknown purchased an NFT from the EtherRock collection for $135,000 (45 Ethereum at the time of purchase). On the same day, another EtherRock NFT token was purchased for $103,9 thousand (33 Ethereum at the time of purchase).
What is more, on August 22, the founder of the cryptocurrency platform TRON Justin Sun announced the purchase of an NFT from the EthereRock collection for $611,000.
What is Bored ape yacht club & where to buy NFT crypto?
Bored Ape Yacht Club is a collection of 10K monkey drawings of NFT tokens issued on the Ethereum blockchain.
As of August 28, the Bored Ape Yacht Club NFT project earned $96M in a public sale of 10K tokens and gave a free distribution of a similar number of special “potions” to the owners of NFTs from the collection. These so-called “potions” provide an opportunity to create a new token. Thus, the number of NFTs in the collection can even double.
NBA player Stephen Curry bought the non-fungible token from the Bored Ape Yacht Club collection for $ 180,000 (55 ETH). The basketball player made this picture his Twitter profile avatar.
The daily trading volume of Bored Ape Yacht Club tokens on August 28 exceeded more than $55M. The most expensive token from the collection is sold for $3,1 billion.
Will NFT become even more popular & where to buy NFT crypto? LATOKEN review on NFT market
Some crypto analysts are confident that interest in non-fungible token technology will grow in the near term. According to experts, the point is not even the cost of works of NFT art and other items, but what prospects the NFT direction opens up for various sectors of the economy: media, real estate, etc.
The reason for the popularity of the CryptoPunks project is most likely the fact that this is the first such collection created on the Ethereum blockchain. As for the secret of the success of the EtherRock and Bored Ape Yacht Club projects, it most likely lies in good and competent marketing.
It is reasonable and quite logical to assume further growth in the market for non-fungible tokens. The meta universes continue to grow in the form of artifacts of virtual and augmented reality, in the form of collectible digital assets such as artwork, cards, in-game items, and artifacts. Therefore, the NFT industry is most likely to grow, and new players might enter it.
NFT market. Should you buy NFTs? LATOKEN review
Some experts assure that investors, rather than NFT art lovers, are better off not investing in NFT tokens. In their opinion, non-fungible tokens are not an investment in the traditional sense. In many cases, it is challenging to objectively assess the potential of NFT art objects. However, keep in mind that LATOKEN doesn’t provide any investment advice and you should always do your own research when dealing with crypto, especially if you don’t want to become a victim of a cryptocurrency scam.
If you want to learn more about crypto projects, different tokens through LATOKEN Review, and tips on avoiding becoming a victim of a crypto scam, follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.