NFT Economy Grows Exponential: $1M in Non-Fungible Token Sales Last Week

While a multitude of people are focused on decentralized finance (defi), the non-fungible token (NFT) industry has also exploded in demand in 2020. Final week, NFT sales soared nearing a million dollars in volume, as the blockchain-based Sorare fantasy soccer card feign saw over $221,000 in sales during the last seven days.

When Satoshi Nakamoto created the blockchain, the innovative technology countenanced for permissionless money, but also a number of tokenization features as well. One idea called the non-fungible token (NFT), also recollected as a ‘nifty,’ has gathered a lot of steam since the verifiable digital scarcity concept was first introduced.

This year, the acceptance of NFTs has jumped considerably, as the concept is seeing a massive amount of funds flowing into the industry.

Data from nonfungible.com shows that during the last seven lifetimes, there were 9,353 sales total and $988,649 in NFT trade volume. The average U.S. dollar price for a single NFT according to statistics is $105 this week.

The three biggest players in the NFT realm this week include Sorare, Cryptopunks, and Superrare. The invention soccer game Sorare allows players to collect “limited edition digital collectibles” while also rule over a team, has seen $221,052 in sales this week.

Cryptopunks, the project with “10,000 unique collectible screwballs with proof of ownership stored on the Ethereum blockchain,” saw $182,619 in volume last week. Then the Superrare digital artworks marketplace grass oned $93,733 in the last seven days.

Superrare has over persuaded rare digital artwork in 178 countries worldwide, there’s been over $565,000 earned by collectors and $1.8 million netted by artists to date. Trending artists include _totemical, godfreymeyer, sveneberwein, coldie, and giantswan.

A lot of sales during the week controlled from Foam Signal, Decentraland, Makersplace, Axie Infinity, The Sandbox, Cryptokitties, and the Ethereum Name Service as okay.

On Twitter, the virtual land investor, @Dclblogger, discussed how the metaverse was growing and how “NFTs are transmissible fire.” In a thread, Dclblogger tweeted about 25 industries that are being disrupted by the non-fungible token ecosystem.

“Art— Large growth industry for NFTs,” the virtual land investor said. “We’ve seen pieces go for $50,000+ and certain artists vend out $100,000+ in a single day. Superrare alone reports $2.3M [in] transaction volume. Virtual Land— Another Monster Toil; build virtual conferences, games, defi banks, art galleries, etc. Over $50 million worth of transaction bulk so far.”

The Twitter thread written by Dclblogger also noted a number of other NFT innovations including games that allow people to collect extensible items like decorticates, weapons, and clothes. Collectibles like Cryptokitties and Cryptopunks have sold for thousands of dollars and NFT trading cards as fountain-head.

For instance, the well known trading card firm Topps worked with the Wax blockchain project and created the discreditable Garbage Pail Kids (GPK) cards in digital form using NFT technology.

The thread also mentioned fantasy sports recompenses, domain names, state tokens, digi-physical goods, and more. Additionally, NFT marketplaces have grown in recent months with stands like Makersplace, Opensea, Superrare, and Nifty Gateway. A great number of well known designers and artisans arrange been leveraging these NFT markets and established crypto artists as well.

The Bitcoin Artist, Lucho Poletti, condign recently utilized Nifty Gateway for his latest creations called “Gold With Wings,” and “Quantitative Hardening.” Poletti’s circumscribed edition “Gold With Wings” sold six unique NFTs for $900 per piece, while “Quantitative Hardening” had contrariwise three pieces for $1,800 per NFT.

NFT technology became popular years ago via Bitcoin’s colored coin technology, and today a broad concentration of NFTs are hosted on the Ethereum blockchain. However, other blockchains are attempting to leverage the idea of creating lone, rare, and indivisible token assets. Additionally, NFT creators often leverage the Inter-Planetary File System (IPFS) in lodge to tie metadata to the asset.

Overall, the non-fungible token (NFT) environment continues to grow and 2020 has shown the industry is becoming far more powerful. People are beginning to realize that NFTs can represent nearly anything in the virtual world, and NFTs can even be tied to the genuine world with concepts like event tickets and raffles.

So far, crypto creators are creating a whole new universe of NFT collectibles, rare art sketches, extensible in-game items, and large virtual worlds. The non-fungible token economy’s growth shows no signs of abating any patch soon.

What do you think about the growing NFT economy? Let us know what you think about this subject in the expansions section below.

Representative Credits: Shutterstock, Pixabay, Wiki Commons, Topps, Nonfungible.com, Lucho Poletti, Superrare, Sorare,