Crypto rush: NFT market hits new record high

The non-fungible token market broke records this week with 7-day sales volume hitting an all time high of $219.4 million (£157.9 million) on Tuesday.

Sales volume peaked at $49 million in a single day on Sunday on OpenSea, the world’s biggest non-fungible token (NFT) marketplace, making it the biggest day of trading since the platform’s launch.

Investment was largely driven by CryptoPunks, a digital art project consisting of 10,000 collectible characters, which has attracted $122 million in sales volume over the past seven days.

On July 30 a single CryptoPunks avatar sporting a beanie hat and gold chain fetched 2,250 ETH ($3.9m at the time of sale) making it the site’s third most expensive artwork to date.

Interest in NFTs has been boosted by a flurry of media coverage this week. On Friday, The New Yorker covered the rise of the Bored Ape Yacht Club, a website where digital avatars double up as membership cards for an exclusive club, causing the average price of ape avatars to surge to highs of 11.3 ETH (£20,000).

Coca-Cola ran the first of four planned NFT auctions over the weekend as part of a campaign to raise money for Special Olympics International, selling a digital artwork featuring a branded vending machine for just shy of half a million.

With major brands entering the digital art space and exciting new projects attracting investors a secondary market for NFTs is flourishing. Data from NonFungible shows that just $33 million of this week’s NFT sales volume, approximately 15%, came from the primary market.

Read more: The unforeseen reputational risks of NFTs and how to avoid them



This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.


*