While a number of people are focused on decentralized finance (defi), the non-fungible token (NFT) industry has also exploded in demand in 2020. Last week, NFT sales soared nearing a million dollars in volume, as the blockchain-based Sorare fantasy soccer card game saw over $221,000 in sales during the last seven days.
When Satoshi Nakamoto created the blockchain, the innovative technology allowed for permissionless money, but also a number of tokenization features as well. One idea called the non-fungible token (NFT), also known as a ‘nifty,’ has gathered a lot of steam since the verifiable digital scarcity concept was first introduced.
This year, the popularity of NFTs has jumped considerably, as the concept is seeing a massive amount of funds flowing into the industry.
Data from nonfungible.com shows that during the last seven days, there were 9,353 sales total and $988,649 in NFT trade volume. The average U.S. dollar price for a single NFT according to statistics is $105 this week.
The three biggest players in the NFT realm this week include Sorare, Cryptopunks, and Superrare. The fantasy soccer game Sorare allows players to collect “limited edition digital collectibles” while also managing a team, has seen $221,052 in sales this week.
Cryptopunks, the project with “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain,” saw $182,619 in volume last week. Then the Superrare digital artworks marketplace sold $93,733 in the last seven days.
Superrare has sold rare digital artwork in 178 countries worldwide, there’s been over $565,000 earned by collectors and $1.8 million earned by artists to date. Trending artists include _totemical, godfreymeyer, sveneberwein, coldie, and giantswan.
A lot of sales during the week stemmed from Foam Signal, Decentraland, Makersplace, Axie Infinity, The Sandbox, Cryptokitties, and the Ethereum Name Service as well.
On Twitter, the virtual land investor, @Dclblogger, discussed how the metaverse was growing and how “NFTs are catching fire.” In a thread, Dclblogger tweeted about 25 industries that are being disrupted by the non-fungible token ecosystem.
“Art— Huge growth industry for NFTs,” the virtual land investor said. “We’ve seen pieces go for $50,000+ and certain artists sell out $100,000+ in a single day. Superrare alone reports $2.3M [in] transaction volume. Virtual Land— Another Monster Industry; build virtual conferences, games, defi banks, art galleries, etc. Over $50 million worth of transaction volume so far.”
The Twitter thread written by Dclblogger also mentioned a number of other NFT innovations including games that allow people to collect extensible items like skins, weapons, and clothes. Collectibles like Cryptokitties and Cryptopunks have sold for thousands of dollars and NFT trading cards as well.
For instance, the well known trading card firm Topps worked with the Wax blockchain project and created the infamous Garbage Pail Kids (GPK) cards in digital form using NFT technology.
The thread also mentioned fantasy sports rewards, domain names, state tokens, digi-physical goods, and more. Additionally, NFT marketplaces have grown in recent months with platforms like Makersplace, Opensea, Superrare, and Nifty Gateway. A great number of well known designers and artisans have been leveraging these NFT markets and established crypto artists as well.
The Bitcoin Artist, Lucho Poletti, just recently utilized Nifty Gateway for his latest creations called “Gold With Wings,” and “Quantitative Hardening.” Poletti’s limited edition “Gold With Wings” sold six unique NFTs for $900 per piece, while “Quantitative Hardening” had only three pieces for $1,800 per NFT.
NFT technology became popular years ago via Bitcoin’s colored coin technology, and today a large concentration of NFTs are hosted on the Ethereum blockchain. However, other blockchains are attempting to leverage the idea of creating unique, rare, and indivisible token assets. Additionally, NFT creators often leverage the Inter-Planetary File System (IPFS) in order to tie metadata to the asset.
Overall, the non-fungible token (NFT) environment continues to grow and 2020 has shown the industry is becoming far more robust. People are beginning to realize that NFTs can represent nearly anything in the virtual world, and NFTs can even be tied to the real world with concepts like event tickets and raffles.
So far, crypto creators are creating a whole new universe of NFT collectibles, rare art pieces, extensible in-game items, and large virtual worlds. The non-fungible token economy’s growth shows no signs of abating any time soon.
What do you think about the growing NFT economy? Let us know what you think about this subject in the comments section below.
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