ArticlesAug 14

NFTs: 2021 hype & beyond <Part 3>

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The NFTs weekly trading volume on the leading exchanges grew from the beginning of the year to a peak in February, falling 82% in May to $35.3 million. However, since then, NFT activity has grown, reaching $78 million in transaction volume in the last week of June, which is 120% more compared to the previous month.

This rebound can be attributed to a renewed interest to the ecosystem. By this point, the creators of NFT solutions have learned how to interact with communities and invest incentives in their NFT platforms to properly energize audiences and nurture native evangelists.

Now, news related to NFTs continues to cause a feverish revival in the crypto and art communities with roughly the same degree of excitement.

In terms of the latest iconic sales, Sotheby’s auction house sold Banksy’s ‘Love is in the Air’ for $ 12.9 million, marking the first experience of organizing an auction for a physical artwork with the possibility of paying with cryptocurrencies.

Founded in 1744, Sotheby’s sold the rare 101.38-carat diamond for about $ 12.3 million in cryptocurrency. Trades took place on July 9 in Hong Kong. Bets were accepted in traditional currency, Bitcoin and Ethereum. Information about the buyer and the cryptocurrency of the sale was not specified.

These episodes were pivotal for the adoption of cryptocurrency by the global art community.

In late June, media giant Twitter handed out 140 NFTs featuring various Twitter logo images and a virtual Tamagotchi pet through the Rarible platform, supporting and continuing the trend.

Worth mentioning, The Bored Ape Yacht Club, a set of 10,000 unique digital ape NFTs, has become a hit among collectors lately. Their total sales have jumped to $61 million, while the average ape sold on OpenSea of July for >$3,500, up 1,500% from the launch price in April.

As another potential use case of NFT technology... <read it in the next part of "NFTs: 2021 hype & beyond" tomorrow>

Alexandra Shilina
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