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NFT Marketplaces See Massive Rise In Monthly Users

The NFT market has continued to see a massive influx of people across all sectors of the world as they want to have a taste of the sector. With this, the average traffic on major NFT platforms has risen a massive 430% over last month. This information shows that the sector is still in the lead when it comes to the number of people in the crypto market, briefly displacing the decentralized finance sector.

In a basic knowledge, Non-Fungible Tokens, also known as NFTs, are rare pieces of digital art that can come in various forms such as images, arts, audios, and videos. What makes them unique is that they have been cryptographically tokenized to give ownership to the holders.

The market has seen an influx due to high sales

The NFTs rise has been said to be a result of some sales that have happened in the sector in recent weeks, which has seen the owners of the tokens go home with hefty amounts of money. While the case of the first-ever tweet is notable, the highest and biggest sale that got everyone’s attention in the sector is the Beeple art sale that was bought for a price of about $69 million.

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That set a precedent for others as most entities moved radically into the sector to have their go and make money. Recently, we have seen the NBA enter the market with recent news announcing yesterday that McDonald’s France was holding a giveaway form of competition where the winners would go home with NFT pieces of the meals. Things like these have sparked up the sector of the crypto market as more people have entered the market to buy artworks and sell them with others holding them to resell at a very high price.

Nifty Gateway still ahead with a total of 4 million users monthly

While NFTs and their sales are something worthy to talk about, another thing worthy of being mentioned in the marketplace where the digital pieces are sold, without the various marketplaces, there would never be any NFT sales, which goes a long way to show their relationship. In the marketplace, buyers from all parts of the market meet sellers and exchange rate arts for cash.

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While the buyers are paying directly to the sellers and taking charge of the art, the platform that the deal took place would eventually take their cut. While the primary market for NFTs has seen a massive rise, the secondary market where things are resold is also growing massively and is looking to place side by side with the primary market.

NFT platforms saw many users enter the space in the space of last month as the platforms registered a massive 1200% growth. Before last month, the marketplace could only boast of less than 500,000 users but can now accumulate boats of users close to 7 million. Nifty Gateway saw a massive rise to register a total of 4.2 million users last month. OpenSea came close, registering a massive rise in users judging by the 360% rise it recorded.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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