Increasing interest in the digital art worlds of multi-sectors by speculators is driving the popularity of NFT. There has been an explosion of the NFT industry since the beginning of this year. Many people have even wondered why some people were willing to spend hugely on these digital arts. However, this month has seen a peak of interest in this industry.
Surprising Revelations From Opensea NFT Sales Data
Data from the number one NFT market platform, OpenSea, shows that NFT sales on its platform so far this month are almost at $2B – that’s about eleven times higher than the sales figures recorded in March this year.
The figure is also over 100 times higher than what was recorded in the first month of this year. However, the report stated that the secondary market had been the key driver behind these sales. A representative of crypto data analytics firm, DappRadar, opined that “there have been more successful sold-out launches of NFTs this month than in any other month. Then, these buyers list their NFTs on OpenSea to make more sales.”
An Etherscan tracking report shared with Reuters discovered that one person bought a cartoon ape NFT three weeks ago for about 23 ETH. Then, the same NFT was sold last week on OpenSea for almost 40 ETH. Similarly, an abstract NFT sold four months ago fur about 0.59 ETH was resold this week for 1,1010 ETH. While there aren’t exact ways to determine NFT market data, DappRadar’s analytics showed that at least 33 NFTs valued at more than $1m had been sold this month.
A respondent who chose not to have his name in print said he keeps acquiring NFTs to preserve his wealth in the digital assets category, especially Ethereum. The anonymous NFT buyer said his NFT vault should now be worth about $250K. He also said he has been flipping his NFTs on OpenSea to increase his crypto net worth.
One of the flips that gave him some high returns included purchasing a penguin NFT for $140 worth of ETH and reselling it five days later for almost $4K worth of ETH. Another one was the purchase of a cartoonized squiggle for 0.02 ETH and selling it for 1.6 ETH. This anonymous person revealed that the proof of all these transactions is available on his OpenSea account.
NFT Sales Chart On Opensea. Source: Dune Analytics
A Possible Big Wave Or A Bubble
The anonymous respondent said he chose to invest in digital assets mainly because of the Fed’s stimulus supply decision. “When I share these stats with others, they often say I’m crazy… But I reply to them by saying you’re the crazy one because you’re holding a currency being printed every day.”
He also said that the pandemic contributed to the rising popularity of NFTs since many people had more time on their hands. He added that “I won’t consider it a bubble. I would say it is a new tech that will continue to grow bigger by the day.” One other key factor that contributed to the rise in NFTs is the bullish crypto market. NFT is sold in Ether, and the price of the second-largest cryptocurrency has surged by 24% this month alone.
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