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- NFT sales increased by a massive 300%
- It rose from 21,815 per day in January to 82,373 per day in May
- With 20,296 transactions per day, Atomic Market’s transaction volume is higher than any other NFT marketplace
The recent cryptocurrency crash has wiped out $1 trillion off the total crypto’s market capitalization. However, the growth of the non-fungible token or NFTs shows no sign of slowing down. The volume of NFT transactions has almost multiplied by three times, even amidst the crypto market’s downfall.
In fact in January 2021, the average NFT sales per day took place across Ethereum, Flow, and Wax was 21,815. That number has now exploded into 82,373 in May so far. In fact, in March 2021, Jack Dorsey, CEO of Twitter and Square, sold his first tweet as an NFT, or nonfungible token, for over $2.9 million and more recently, rare digital Andy Warhol Artwork was sold as NFT for $870,000 at Christie’s Auction House to Art Collector.
The number of NFT Transactions per Day Increased After the May 12
Another kind of digital asset, non-fungible tokens represent the possession of rare virtual items such as artwork or rare souvenirs and collectables from any sports team. As per a report by DappRadar, a decentralized app marketplace, the average number of NFT sales increased by a massive 300%. It rose from 21,815 per day in January to 82,373 per day in May. Surprisingly, the number of sales increased after May 12 and crossed 94,000 transactions per day. The market crash caused leverage worth $1 million to be liquidated.
It’s a common misconception that every NFT sold is a $10,000 artwork. NFTs can be digital art it can be game, virtual land, and high-value artworks. On the Ethereum blockchain sending low-value NFTs hardly makes sense. So this variation is one the reasons why alternative blockchains are attracting new products and audiences.
So what exactly is NFT??
An NFT is an asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
Atomic Market has the Highest Trading Volume Among NFT Marketplace
The Ethereum network became more congested, coupled with extraordinarily high transaction fees. However, the NFT marketplace remained unfazed by the surging gas fees. Traders turned to alternatives like Atomic Market on the EOSIO blockchain. With 20,296 transactions per day, its transaction volume is higher than any other NFT marketplace. Atomic Market is followed by OpenSea, Rarible, Foundation, SuperRare.co in the list of top five marketplace transactions over time.
However, the value per trade decreased dramatically even though the number of transactions surged. On average, on the first 11 days of May, approximately $14.9 million worth of NFTs were traded. But after the May 12 crash, the value sold per day plummeted to $6 million. Meme.com, a well-known internet trend platform, disclosed that they had raised $5 million. The amount raised would be utilized towards a new marketplace that will primarily focus on meme cryptocurrencies.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
