The NFT boom continues
The demand for NFTs – blockchain registration of ownership – is continuing to surge and the NFT market is showing no signs of slowing down. Year-to-date, within less than three months, the combined market cap of major NFT projects has increased by 1,785%, magazine Forbes reports.
Most of artist Beeple’s NFTs are selling out instantly, with the most high profile NFT sold at Christie´s auction for USD 65 million.
The magazine says celebrities are jumping into the NFT hype by releasing their own NFTs.
”This explosive trend involving NFTs have led the sales volume of NFT marketplaces to skyrocket, alongside the valuations of NFT-related tokens. Theta Network’s THETA, Enjin’s ENJ, Sandbox’s SAND, and Axie Infinity’s AXS are some of many major NFT or blockchain gaming-focused projects that have seen a rerating in recent months.”
”Consequently, major NFT marketplaces, like Rarible and Opensea, saw their sales rise by anywhere between 50-fold to 100-fold in the past three months.”
The magazine takes Opensea as an example. It has USD 5 million in cumulative sales in the first week of January and within merely three months, Opensea has cumulative sales over USD 100 million. Opensea raised USD 23 million in a round led by Andreessen Horowitz.
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