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Saturday, April 17, 2021

NFT Market: Feb. Trading Volume Exceeded That Of The Amount Of 2020

The NFT markets have been taking an upward path in a huge manner that has an exponentially growing trading volume that has reached $342 million within the month of February when it was merely $12 million back in December.

This positive momentum is supporting the digital collectibles that are based on cryptocurrency in order to create the NFT market after their best performing month along with the tradeable time platform of Top Shot NBA that resulted in this.

Best Performing Month For NFT Markets

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The non-fungible tokens or NFTs are a virtual work that exists mainly on the network of Ethereum and has a rare yet supportable on-chain identity. In addition, the NFT market for these products is exploding.

The 3 leading NFT markets witnessed a joint trading volume in the month of February that was $342 million in the form of interest in the virtual collectibles that persistently increased in the daily users along with famous celebrities. This was reported by Dapp Radar in February 2021.

Furthermore, NFTs also experienced a volume worth $12 million in December 2020 while they had a mere $200 million throughout the entire year of 2020 as reported by the industry data company named NonFungible.

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Grime, the girlfriend of Elon Musk, has recently sold off a series of NFTs that is worth $6 million while 3LAU, a musician, sold off 33 NFTs that is valued at $11 million. Beeple, the digital artist, earned almost $3 million within one weekend after he sold off NFT worth $50,000.

NBA TopShot is offering collectibles that are basketball-themed with an official license from the NBA and have gained popularity in the NFT markets till now. As a result, the marketplace earned $225 million.

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