Despite a decline in the crypto markets, NFT marketplaces have made a tremendous surge in the previous month. According to data from Tradingplatforms.com, NFT global sales surpassed $4 billion in the last 30 days.
“2021 will go down as the breakdown year for NFTs. The growth in their sales is due to two main factors,” says Tradingplatforms.com’s analyst Edith Reads regarding data. “First, people are increasingly understanding their value in the provenance of ownership. Secondly, celebrities and artists like Kevin O’Leary and Snoop Dogg are adopting NFTs, pulling their followers into the space with them.”
OpenSea topped the sales figures. It handled about half a million transactions earning $3 billion in returns. Its transactions grew by 20%, accounting for three-quarters of the revenues.
Edith Reads links OpenSeas’s impressive results to a combination of factors. She opines, “Much of the platform’s success has come from its market dominance. Besides that, it has a superior asset offering, a streamlined listing process, and a solid monitoring system.”
Magic Eden came in second after earning $240 million. The platform that runs on the Solana Blockchain grew its transactions by over 50% and revenues by 90%.
On its part, Axie Infinity moved NFTs exceeding $200 million. However, it lost a third of its transactions and about 70 percent of its previous month’s proceeds.
CryptoPunks and Mobox were the other platforms to gross $100 million in sales. The former made over $140 million while the latter just crossed the $100 million mark.
Another 16 marketplaces made under $100 million from their NFT trades. At the lower end, Sandbox sold NFTs worth about $1 million. And at the higher end, BloctoBay’s NFT sales netted over $56 million.
The remaining 24 platforms made less than $1 million. As Treasureland made over $630 million, BakerySwap sold only $27 worth of the asset.
The global NFT market has grown exponentially since its 2017 debut. In 2021, the sector’s sales exceeded $41 billion, according to blockchain analytics firm Chainalysis. As a result, NFTs are now inching closer in value to the traditional art market. Analysts see the market will grow further as NFTs find more adoption across industries.