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The Ins and Outs of NFT Sales: A Comprehensive Guide

10 Fascinating Industry Trends You Need to Know

By Angelika CandiePublished about a year ago 11 min read
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Fig: The Ins and Outs of NFT Sales: A Comprehensive Guide

NFT, short for Non-Fungible Token, is a digital asset that represents ownership of a unique item or piece of content. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable and have the same value, each NFT is unique and has its specific value based on the underlying digital asset it represents.

NFTs have gained significant popularity in recent years, particularly in the art world, where they are used to sell unique digital artworks and other forms of creative content. NFTs can also be used to represent ownership of the virtual real estate, game items, music, videos, and other forms of digital content.

NFT sales typically take place on blockchain platforms such as Ethereum, and buyers use cryptocurrency to purchase digital assets. Each NFT sale is recorded on the blockchain, making it a permanent and transparent record of ownership.

The value of NFTs can vary widely, with some selling for millions of dollars and others selling for just a few dollars. The value of an NFT is determined by several factors, including the rarity and uniqueness of the underlying digital asset, the reputation of the artist or creator, and the demand from buyers.

NFT Active wallets

The term "active wallets" in the context of NFTs refers to the number of unique cryptocurrency wallets that have interacted with NFTs on a particular blockchain platform, such as Ethereum. An active wallet has either bought, sold, or transferred NFTs on the platform during a given period.

The number of active wallets is an important metric that is often used to measure the adoption and popularity of NFTs. A higher number of active wallets suggests that there is a growing interest in NFTs and that more people are participating in buying and selling them.

As of my knowledge cutoff of September 2021, the number of active wallets on Ethereum's NFT marketplace, OpenSea, was over 150,000. This number has likely grown since then, as the popularity of NFTs continues to increase. It's worth noting that the number of active wallets can fluctuate depending on factors such as market conditions and the availability of new and desirable NFTs for sale.

Traded Volumes

In the context of NFTs, "traded volumes" refer to the total amount of cryptocurrency, usually in Ether (ETH), that has been exchanged for NFTs on a particular blockchain platform or marketplace. Traded volumes are a key metric for measuring the overall activity and liquidity of the NFT market.

The traded volume of NFTs can fluctuate widely depending on a variety of factors, such as market conditions, the popularity of the underlying digital assets, and the availability of desirable NFTs for sale. In general, higher traded volumes indicate a more active and liquid market for NFTs.

As of my knowledge cutoff of September 2021, the total traded volume of NFTs on Ethereum's NFT marketplace, OpenSea, was over USD 3 billion. This number has likely increased since then, as NFTs have continued to gain popularity and interest from investors, collectors, and artists. It's worth noting that traded volumes can vary significantly from platform to platform, as well as between individual NFTs, with some selling for millions of dollars and others selling for just a few dollars.

NFT Marketplaces By Weekly Volume

As of my knowledge cutoff of September 2021, here are some of the top NFT marketplaces ranked by weekly trading volume:

  • OpenSea: As one of the largest NFT marketplaces, OpenSea consistently has the highest trading volume for NFTs, with over $1 billion in weekly trading volume in September 2021.
  • Axie Infinity: A popular blockchain-based game that also features an NFT marketplace for in-game items, Axie Infinity had a weekly trading volume of over $200 million in September 2021.
  • Rarible: Another well-known NFT marketplace, Rarible had a weekly trading volume of over $100 million in September 2021.
  • SuperRare: A curated NFT marketplace that focuses on high-end digital art, SuperRare had a weekly trading volume of over $20 million in September 2021.
  • Foundation: An invite-only NFT marketplace for artists and creators, Foundation had a weekly trading volume of over $15 million in September 2021.

It's important to note that NFT marketplaces and their trading volumes can change rapidly based on market conditions, new releases, and other factors. Additionally, these numbers are only a snapshot of the market as of September 2021 and may have changed significantly since then.

Sales And Finished Projects For 3 Launchpads

Here are some examples of recent sales and finished projects for three popular NFT launchpads as of my knowledge cutoff of September 2021:

  • Binance Launchpad: Binance Launchpad is a launchpad platform operated by the cryptocurrency exchange Binance. Recent projects launched on Binance Launchpad include:
  • Injective Protocol: A decentralized exchange protocol that raised $10 million in a public sale of its INJ token in February 2021.
  • The Sandbox: A blockchain-based virtual world that raised $3 million in a public sale of its SAND token in August 2020.
  • Cartesi: A layer-2 infrastructure for building and deploying decentralized applications that raised $1.5 million in a public sale of its CTSI token in April 2020.
  • Polkastarter: Polkastarter is a decentralized launchpad platform built on the Polkadot network. Recent projects launched on Polkastarter include:
  • Royale Finance: A decentralized platform for providing liquidity to digital collectibles that raised $1.45 million in a public sale of its ROYA token in March 2021.
  • Umbrella Network: A decentralized oracle service that raised $3.6 million in a public sale of its UMB token in January 2021.
  • MarshmallowDeFi: A yield aggregator platform that raised $30,000 in a public sale of its MASH token in December 2020.
  • DuckDAO: DuckDAO is a community-driven launchpad platform that specializes in incubating early-stage blockchain projects. Recent projects launched on DuckDAO include:
  • Octree Finance: A decentralized platform for tokenized real estate investments that raised $2.8 million in a public sale of its OCT token in April 2021.
  • DuckStarter: DuckDAO's decentralized fundraising platform, which raised $2.2 million in a public sale of its EGG token in March 2021.
  • Bondly: A decentralized e-commerce platform that raised $1.5 million in a public sale of its BONDLY token in October 2020.

It's worth noting that these examples are only a snapshot of the NFT launchpad market as of September 2021, and that new projects and sales are constantly emerging in this rapidly-evolving space.

NFT Social Media Trends

As of my knowledge cutoff of September 2021, here are some of the top NFT social media trends:

  • Celebrity involvement: Many celebrities and public figures have been getting involved in the NFT space by creating their NFTs, collaborating with NFT artists, or promoting NFT projects on social media. This has helped to increase mainstream awareness and interest in NFTs.
  • Metaverse development: NFTs are often used to represent digital assets in virtual worlds and metaverse platforms. As interest in the metaverse continues to grow, many NFT projects are focusing on building out their metaverse capabilities and integrating with existing metaverse platforms.
  • Gaming and collectibles: NFTs have a natural fit with gaming and collectibles, and many NFT projects are focused on creating games and digital collectibles that can be bought, sold, and traded on blockchain-based marketplaces.
  • Environmental concerns: The energy consumption and carbon footprint of NFTs have become a hot topic on social media, with some users expressing concerns about the environmental impact of NFTs and calling for more sustainable solutions.
  • NFT marketplaces and sales: With the explosive growth of NFTs, many social media discussions revolve around the latest NFT sales and the performance of various NFT marketplaces.

It's important to note that social media trends can change rapidly based on current events, new developments in the industry, and other factors. Additionally, these trends are only a snapshot of the market as of September 2021 and may have evolved significantly since then.

Google Trends

As of my knowledge cutoff of September 2021, Google Trends showed a significant increase in search interest for the term "NFT" over the past year, indicating growing mainstream awareness and interest in the NFT market. According to Google Trends data, here are some of the top regions and related queries for the term "NFT":

Top regions:

  • Singapore
  • United States
  • Canada
  • Australia
  • United Kingdom

Top related queries:

  • "NFT art"
  • "NFT marketplace"
  • "NFT crypto"
  • "NFT collectibles"
  • "NFT games"

It's important to note that Google Trends data can change rapidly based on current events and other factors and that these rankings are only a snapshot of the market as of September 2021. Additionally, search interest in NFTs may not necessarily translate into adoption or investment in the market.

NFT Sales

As of my knowledge cutoff of September 2021, Non-Fungible Token sales have been booming, with some high-profile sales fetching millions of dollars. Here are some notable examples of NFT sales:

  • "Everyday: The First 5000 Days" by Beeple: This digital artwork sold for a record-breaking $69.3 million at a Christie's auction in March 2021, making it the most expensive NFT ever sold.
  • CryptoPunks: CryptoPunks is a collection of 10,000 unique 8-bit characters that were one of the first NFT projects to gain mainstream popularity. Several CryptoPunks have sold for millions of dollars, with one rare Alien CryptoPunk selling for 605 ETH (approximately $1.5 million at the time) in June 2021.
  • NBA Top Shot: NBA Top Shot is a blockchain-based platform that allows users to buy, sell, and trade officially licensed NBA collectible highlights in the form of NFTs. The platform has seen several high-profile sales, including a LeBron James highlight that sold for $387,600 in February 2021.
  • Bored Ape Yacht Club: Bored Ape Yacht Club is a collection of 10,000 unique digital apes with different traits and attributes that can be used for various purposes, such as access to exclusive events or merchandise. The project has seen several high-value sales, including one rare "Golden Ape" that sold for 740 ETH (approximately $1.8 million at the time) in September 2021.
  • Art Blocks: Art Blocks is a platform that allows artists to create generative art that is minted as unique NFTs. Several Art Blocks pieces have sold for high values, with one work titled "Ringers" selling for 2,000 ETH (approximately $5.8 million at the time) in August 2021.

It's important to note that NFT sales can fluctuate rapidly based on various factors, including market sentiment, the quality and popularity of the underlying asset, and other external factors.

Bitcoin, ETH, and NFT Comparison

Bitcoin, Ethereum (ETH), and NFTs are all related to blockchain technology, but they serve different purposes and have different characteristics. Here's a brief comparison:

Bitcoin:

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, allowing users to send and receive payments without the need for intermediaries like banks. It is the first and most well-known cryptocurrency, and it is often used as a store of value or a means of exchange. Bitcoin has a fixed maximum supply of 21 million coins and uses a proof-of-work consensus algorithm to secure the network.

Ethereum (ETH):

Ethereum is a decentralized blockchain platform that allows developers to build decentralized applications (dApps) and smart contracts. It is the second-largest cryptocurrency by market capitalization and is often used as a platform for other blockchain projects to build on. Ethereum has its cryptocurrency called Ether (ETH), which is used to pay for transactions on the network. Ethereum uses a proof-of-work consensus algorithm, but it is in the process of transitioning to a proof-of-stake algorithm.

NFTs:

NFTs, or non-fungible tokens, are unique digital assets that are verified on a blockchain. Unlike cryptocurrencies like Bitcoin and Ethereum, which are fungible (meaning each unit is interchangeable), NFTs are unique and cannot be exchanged for each other. NFTs can represent a wide variety of digital assets, such as art, music, videos, and even tweets. They have gained popularity in the art world as a means of proving ownership and authenticity of digital art. NFTs can be bought, sold, and traded on various blockchain-based marketplaces.

In summary, Bitcoin is a decentralized digital currency, Ethereum is a blockchain platform for building decentralized applications, and NFTs are unique digital assets that are verified on a blockchain. While they are all related to blockchain technology, they serve different purposes and have different characteristics.

Blockchains by NFT Sales volume and NFT Trends

As of my knowledge cutoff of September 2021, the majority of NFT sales were conducted on the Ethereum blockchain, which has been the dominant blockchain for NFTs since the technology's inception. However, other blockchains are starting to gain traction in the NFT space, including:

  • Binance Smart Chain (BSC): Binance Smart Chain is a blockchain platform that is designed to be compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to port their Ethereum-based dApps to BSC. BSC has gained popularity in the NFT space due to its low fees and fast transaction times.
  • Flow: Flow is a blockchain platform that was specifically designed for the creation and trading of NFTs. It was created by the team behind NBA Top Shot and has gained popularity due to its user-friendly interface and high transaction throughput.
  • Polygon (formerly Matic Network): Polygon is a layer-2 scaling solution for Ethereum that is designed to improve the speed and reduce the cost of transactions on the Ethereum network. It has gained popularity in the NFT space due to its low fees and fast transaction times.

In terms of NFT trends, several emerging themes and use cases are gaining traction in the market. Some of these include:

  • Gaming: NFTs are being used in a variety of gaming applications, such as in-game items, skins, and virtual real estate.
  • Sports: NFTs are being used in sports collectibles and memorabilia, with platforms like NBA Top Shot and Sorare gaining popularity.
  • Metaverse: NFTs are being used in virtual worlds and metaverse applications, where users can buy and sell virtual land, buildings, and other assets.
  • Music: NFTs are being used in the music industry, with musicians and artists using them to sell digital music and concert tickets, as well as to prove ownership and authenticity of their work.

Overall, the NFT market is constantly evolving, with new use cases and applications emerging all the time.

NFT Total Sales $ Number Of Sales

As of my knowledge cutoff of September 2021, the total sales volume of NFTs had exceeded $2 billion, with over 10 million NFTs sold. However, it's important to note that the NFT market is highly volatile and subject to rapid changes in both volume and value. The NFT market has experienced several boom and bust cycles, with periods of explosive growth followed by sharp corrections.

The number of NFT sales can vary widely depending on the specific NFT marketplace and the type of NFT being sold. Some NFTs sell for millions of dollars, while others may only sell for a few dollars. Additionally, the volume and frequency of NFT sales can be impacted by factors such as market sentiment, celebrity endorsements, and cultural trends.

It's worth noting that the NFT market is still in its early stages, and it remains to be seen how it will evolve over the long term. While the market has generated significant interest and investment, there are also concerns about the sustainability and viability of the market, particularly in light of environmental concerns around the energy consumption of blockchain networks.

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About the Creator

Angelika Candie

Blockchain Analyst & Technical Content Writer

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