NFT sales rise to $2.47bn in the first half of the year
Experts are unclear if non-fungible tokens have peaked
Non-fungible token (NFT) sales have reached a record $ 2.47bn in the first half of 2021, according to data from DappRadar. These assets, which allow the digitization of unique and non-replicable works and objects, have been under the media spotlight in recent months in the heat of interest in cryptocurrencies and the blockchain.
Starting from the Ethereum network, NFTs are unique digital assets whose content is collected in tokens issued by the project itself. Non-fungible tokens demonstrate that the blockchain also has a high impact on industries such as arts and entertainment. And specifically what they mean is that they are unique and not interchangeable. That is, a bitcoin is fungible: if you exchange it for another bitcoin, you will have exactly the same. However, a work of art is not expendable.
So second-quarter sales of these assets were $ 1.24bn, dwarfing only slightly the first-quarter figure of $ 1.23bn, Reuters reported on Tuesday, citing data from DappRadar.
The numbers dwarf those of the first half of 2020, when NFT sales totaled $ 13.7m, according to Reuters.
This surge represents the explosion of interest around NFTs in the last 12 months, driven by platforms such as NBA Top Shot, which have enjoyed considerable popularity.
The total sales figure also varies depending on the transactions that are included. DappRadar's figure contrasts with NonFungible.com's estimate of $ 1.3bn. Neither site tracks "off-chain" transactions, which must be manually added to their data and can lead to disparities.
It is unclear if NFT sales have peaked. Sales on the NFT OpenSea platform reached a record high of about $ 150 million in June.
Translated by Caoimhe Toman