NFT Sales Volumes Exceed $10 Billion in the Third Quarter

Kavya  |  Oct 6, 2021

The non-fungible token (NFT) sales exceeded in the third quarter of this year, accounting for approximately $10.7 billion in sales volume. This figure is eight times greater than the previous quarter's figure of $1.3 billion, which was $1.2 billion in Q1.

NFT Sales Exceed $10 Billion In The Third Quarter

Furthermore, OpenSea, the largest NFT marketplace, exceeded $3 billion in sales volume in August. More than half of its total sales volume occurred during this time. 

Along with record sales, the platform's user base increased by over 200%. There were around 150,000 unique wallet addresses involved in transactions.

While the third quarter was about $10.7 billion, the year-to-date total is $13.2 billion. DappRadar takes into consideration several blockchains as well as “off-chain” transactions. 

Furthermore, discounting “off-chain” transactions, a comparable market tracker CryptoSlam saw about $9.6 billion for the third quarter., which specializes in NFT market statistics, recorded slightly under 266k active wallets during the third quarter. Over half of the NFTs sold were worth between $101 and $1,000.

There Are No Off-Limits

Aside from the numbers, some of the greatest names in the financial sector have entered the NFT battlefield.

In August, Visa made its first NFT purchase. The payment service company spent $150k on its own CryptoPunk. Following the acquisition, Visa issued an NFT whitepaper praising digital collectibles.

Sotheby's and Christie's, two major auction houses, have also gotten in on the act. Christie's even sold the most expensive NFT ever auctioned - Beeples' $69 million digital artwork. 

Recently, the previously mentioned CryptoPunks and Bored Ape Yacht Club both surpassed million-dollar sales. 

According to statistics, owing to NFTs, annual sales in the contemporary art market surpassed billion-dollar thresholds.

NFT marketplaces and funds are seeing support as NFTs continue their aggressive takeover of nearly every major sector. 

MakersPlace NFT, located in San Francisco, has secured $30 million in funding from investors including Sony Entertainment. 

Ripple Labs has announced the creation of a $250 million NFT creator fund on the XRP ledger. Even European royals have launched their NFT businesses.

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