If you are unfamiliar with NFTs and the OpenSea market, now is a good time to learn more about them. They have become a real rage over the past year and many creators around the world are finding the authenticity of their work and a source of income through NFTs.
An NFT is a unique token used to certify the provenance, authenticity and ownership of digital media. Similar to cryptocurrencies, these tokens are registered on a public blockchain. It should be noted that each NFT is unique unlike cryptocurrencies where one Bitcoin or any other coin is identical to another.
Although there are many NFT markets, OpenSea is the world’s largest for the creation and trading of NFTs. Collections created and admired by the community, such as CryptoPunks, Bored Ape Yatch Club, and Ether Rocks, have significantly propelled the platform. Over the past month, the company saw 266,000 unique addresses in its transactions and the total monthly volume as of August 23 was $ 1.67 billion, as reported by Dune Analyticsa. DAppsRadar is another popular decentralized application tracker. This amount represented almost half of its total volume, a good reminder that NFTs have become quite a craze even though the market is still in its infancy.
Related Reading: NFT in Brief: A Weekly Review
The recent growth in non-fungible tokens as they are called comes at a time when the cryptocurrency market has started trending again after a brief correction that lasted for a few months. The prices of popular cryptos such as Bitcoin have risen again, with Bitcoin trading around $ 50,000.
Big sales boost the NFT market
The market has seen a lot of big sales driving it. It’s not just in terms of revenue but also in terms of creators selling. There has been an increase in the number of celebrities and well-known creators joining the NFT space and this year NFTs have been created by pop musician Katy Perry, rapper Jay-Z and even Tim Berners Lee, known as the Internet founder. . Tim had linked up with famous auction house Sotheby’s in June to sell the Internet’s source code as an NFT exhibit and the auction ended with a bid of over $ 5 million.
Related Reading: Burberry Is Latest Designer Brand To Go NFT
Another interesting development in the NFT sector is the interest of personalities and sports institutions which has the potential to attract many new traders and buyers. Popular football clubs around the world have already started using NFTs. Just recently an Indian NFT platform, Ratio, launched cracked NFTs. Even the National Basketball Association (NBA) of the United States has become enraged at the NFT.
The growth of OpenSea is a very positive signal for NFTs as the industry tries to gain credibility. Some experts suggest that scalability, interoperability between different blockchains, authenticity and storage could be an issue for NFT platforms in the future as they grow and it remains a challenge. for platforms such as OpenSea which could use its increased revenue to combat these factors while also increasing its promotional spending to attract new users.
Featured image by opensea.io, charts by TradingView.com