A report by DappRadar, a market tracker, shows that NFT sales have risen to $10.7 billion in the third quarter of 2021.
This sudden growth is partially a contribution by the crypto price surge which began its bull run breaking from a recent crash in September. NFTs are usually bought with the ether or dollars on the Ethereum blockchain.
BY using the blockchain NFTs registers claim of items such as pictures, videos, and other collectibles, and even land in virtual worlds.
How High Have NFTs Grown?
Growing sales and heavy prices on NFTs – things that do not really exist have surprised many. However, the volatile increase shows no sign of coming down.
More than half of NFTs trading in Q3 were between $101 -$1,000. Those in the $1,001- $10,000 bracket were accounting for 20% of sales.
According to DappRadder NFTs marketplace, OpenSea, sales hit $3.4 billion in August 2021. On the other hand, enterprises continued to be tough even in September as the world capital markets wavered.
The most expensive known NFT sale was a virtual picture sold at Christie’s for $69.3 million in March. However, the sale of houses still exists and is on NFT sales, bringing millions to their owners.
An Art Block NFT which was selling for $2100 in ETH in the recent past is now selling at $15,100 in Eth. The gaming NFTs have also gone high with the blockchain leading “pay to earn” game Axie Infinity taking the lead.
In their own words, NonFungible says despite the increasing sales, key figures, and other investors are hopping on the trend. The number of NFT buyers remains comparatively small: There are just 265,927 working wallets trading NFTs on the Ethereum blockchain.
Is There a Future With NFTs or Are They a Bubble?
Yes! Pranksy, an NFT collector with over 100000 NFTs argues that the people who buy NFTs are not selling them any time soon, not even for 50% off. According to him, his cryptocurrency portfolio dropped by more than $10 million but his collectibles sustained their value.
NFT enthusiasts say that the virtual property, in-game objects, artwork, or any other virtual assets the NFTs signify, hold a price that is separate from the cryptocurrencies used to buy them.
However, their final value depends on the value of ETH and gas fees involved. If the value goes up the profits will be sweet. However, the NFT holders will still be at profit though not to their level of expectation if the value goes down.
ETH’s price was $3446 at the time of writing which is up from its recent low of $2300. Moreover, there is no telling as to how much it might rise by the end of 2021 as Bitcoin and all altcoins begin their bull run this October.