The NFT market is now worth more than $7 billion

NFTs (non-fungible tokens) use blockchain technology to record the ownership of digital items such as images, Gifs, tweets, videos, collectibles, and even land in virtual worlds.

NFT (non-fungible token) trading volume surged in the third quarter of 2021 to $10.67 billion. That’s an almost 704% increase in the last few months. On the biggest NFT marketplace, OpenSea, sales volumes hit $3.4 billion in August.

“By creating marketplaces for illiquid assets such as digital art, collectibles, music, gaming, and other assets, the NFT universe is surely set to continue to grow strongly over the coming years because it helps to solve the problem of injecting liquidity into naturally illiquid assets such as collectibles,” “The activity in NFT markets appears to be still rather irregular with occasional bursts rather than sustained increases in volumes,” – said JPMorgan (an American multinational investment bank and financial services holding company headquartered in New York City).

Cryptocurrency price gains during the COVID-19 pandemic are often believed to be a driver behind the NFT market’s growth – because people use cryptocurrencies to buy NFTs – but regardless, enthusiasts say that the crypto assets such as NFTs, have value independently of market conditions. Meanwhile, NonFungible.com, which tracks NFTs on the Ethereum blockchain only, puts the 2021 total volume at $7 billion.

Read more: World’s Top 10 Most Expensive NFT items

Read more: Someone Accidentally Sells a $300,000 BAYC NFT For a Bargain of $3,000!

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