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.
According 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.