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Non-Fungible Tokens Market Surges

The Non-Fungible Tokens market surged to new highs in the second quarter, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020. An  is a crypto asset, representing an intangible digital item such as an image, video, or in-game item. Owners of  are recorded on the blockchain, allowing an  to be traded as a stand-in for the digital asset it represents.

Sales volumes have remained high after  exploded in popularity early this year. Monthly sales volumes on OpenSea, a major Non-Fungible Tokens marketplace, reached a record high in June.Some  enthusiasts see them as collectables with intrinsic value because of their cultural significance, while others treat them as an investment, speculating on rising prices.

Non-Fungible Tokens Market SurgesAccording to NonFungible.com, buyers have totalled 10,000 to 20,000 per week since March, outnumbering sellers. It aggregates Non-Fungible Tokens transactions on the ethereum blockchain. Total sales volume estimates vary depending on which  transactions are included. DappRadar, which tracks sales across multiple blockchains, said volumes hit just under $2.5 billion for the first half of 2021. But NonFungible.com’s figure is $1.3 billion, excluding around $8 billion of “DeFi”.

Both sites only track sales that occur on the blockchain, also known as on-chain transactions. Some of the biggest Non-Fungible Tokens sales, such as those at auction houses, have part of the transaction take place off-chain, meaning they must be manually added to the data.In March, a digital image sold for a record $69.3 million at Christie’s as an. No sale has come close since. The second most expensive known Non-Fungible Tokens sale was a CryptoPunk which fetched $11.8 million at Sotheby’s.

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