The NFT boom was one of the most talked about in the crypto market in 2021, with sales from several platforms breaking weekly records.
NFT had its best month ever in February, according to the DApp statistic tracker at DappRadar. Sales from the top three platforms rose to $ 2 million in February, up nearly 342 percent from the $ 2 million recorded in January.
The NBA Top Shot sports memorabilia platform dominates the sector and is currently responsible for 67% of total NFT trading volume. The other two NFT DApps in the top three applications are OpenSea, a general crypto collectibles marketplace, and CryptoPunks, an Ethereum-based collection chain.
CryptoPunks generated the highest sales of all time at $ 79 million, and the price of the punks' floor went from $ 10.000 to an average of $ 32.000.
Keep up to date with the latest industry trends.
Check out our February '21 Dapp Industry Report to find out how different #blockchains and individual projects have performed⬇️I @ethere @BinanceChain @Tronfoundation @flow_blockchain @WAX_io @ 0xPolygon https://t.co/8hxA1ATs0u
- DappRadar (@DappRadar) March 2, 2021
The DappRadar report also mentions a huge increase in the popularity of visual arts, which is at least partially created by autonomous, decentralized systems.
High gas fees on the Ethereum network caused a number of DeFi and NFT projects to leave the platform in February, to reach those with less expensive transactions. Binance Chain recently surpassed Ethereum in terms of transaction volume and number of unique active wallets. Besides, the report also noted the rapid development of several NFT projects on Binance Chain, such as Binance Punks and Bashmarks.
1) Developers use GPUs to mine Ethereum
2) Developers use Ethereum to create NFT platforms
3) Artists use GPUs to create digital art
4) Artists use Etherum to release NFTs
did i miss something?
(long $ NVDA?)
- Jeremy Ruⓑin (@JeremyRubin) February 28
Despite the high gas fees, statistics from CryptoSlam show that 7 out of last month's top 10 best-selling NFT products are still hosted on Ethereum. NBA Top Shot uses the Flow blockchain and the remaining two NFT platforms are hosted on WAX.
The fastest growing brand among the top 10 brands is CryptoKitties, with monthly sales growing by more than 1.300%. The latest contender to make the CryptoSlam top 10 list of top-grossing CryptoSlam series is Capcom's Street Fighter II series currently at No. 8, with sales of $ 1.26 million since its launch on February 16.
That's 80% of all music NFT sales in the * last nine months *.
- Cherie Hu (@ cheriehu42) February 28
NFT drew so much attention during the first six weeks of the year that CoinMarketCap added a school-specific section on Feb. 15.
The record price for a single NFT sale was set on February 26, when an NFT Beeple Crossroads sold for $ 2 million, 6.6 times more than its original price.
On March 2, a new NFT sales record was set when electronic music artist 3LAU sold $ 3 million worth of NFTs from her own website in just one evening. Just a few hours earlier, musician Grimes has also earned 11.6 million dollars for his NFT in just 5.8 minutes.
Not everyone was impressed by the rapid rise of NFT. On March 2, Litecoin creator Charlie Lee compared the rise in popularity of NFT to the ICO craze that took place for much of 3. He believes in relative simplicity and low barriers to entry. Theirs will encourage widespread adoption of cryptocurrencies, but eventually "very few (NFTs) will be held and valuable".