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Report Says NFT Sales Are Flourishing And Top Marketplaces Are Seeing Record Volume Levels

The report said that non-fungible token (NFT) sales are flourishing and top marketplaces are seeing record volume levels.

It has been reported that the milestone was noted by Matt Huang, the co-founder of crypto-asset investment firm Paradigm, who posted a screenshot from the NFT marketplace and data tracker CryptoSlam.

However, CryptoSlam also reported that a large portion of trading is now taking place on secondary markets indicating that crypto-collectables are changing hands more often.

CryptoSlam reports that NBA Top Shot, a basketball-based collection launched in October 2020, is the top-selling NFT platform with $5.8 million shifted 2 days ago and a whopping $68.5 million over the past 30 days.

Top Shot represents the first time the NBA has entered into a licensing deal backed by blockchain technology.

Adrienne O’Keeffe, the Associate Vice President for licensing at NBA, said:

“Blockchain is unique. It can deliver value to intellectual property owners downstream. We do believe blockchain technology has staying power and a lot of promise for our business.”

According to the NFT data provider, Hashmasks and CryptoPunks are second and third in terms of sales. Switzerland-based Hashmask hosts a collection of unique digital portraits created by a collective of over 70 artists. Over $8 million worth has been sold over the past seven days, and a rare one went for $650k in ETH earlier this month.

According to CryptoSlam, CryptoPunks are 24×24 pixel art images generated algorithmically and sales are through the roof with $1.5 million shifted over the past 24 hours and $13.4 million over the past week. One of the pixelated pictures sold for a whopping 605 ETH in late January. Virtual land sales are also booming and an NFT for plots in the Axie Infinity metaverse went for $1.5 million on February 8, making another new record.

According to The Defiant, citing data from Dune Analytics, NFT marketplace SuperRare recently broke $10 million in total sales volume, with around 22% of this being secondary sales. The leading marketplace for NFT resale, OpenSea, saw an increase of 400% in volume for February as it surged from $8 million to $32 million.

Nifty Gateway is the leading crypto art marketplace and its volumes are on track to break the previous thirty-day record of $8.7 million. So far this month, Nifty has notched up over $6 million in NFT sales.

Thus, the top 17 highest-priced crypto collectables have all been sold in the past 30 days for a combined value of more than $100 million.

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