the NFT market is soaring again

The surge of NFTs has resumed in recent weeks

The NFTs had participated in the exceptional year that the crypto sector is experiencing. By early 2021, they had exploded into the public space, with brands and celebrities rushing to this new (and lucrative) field. But the fall in prices, criticism of the ecological impact of Ethereum and a certain reluctance had taken hold of the market in recent months.

Is the trend reversing? Yes, if we believe a publication from the co-founder of OpenSea, one of NFT’s main marketplaces:

In 2020, OpenSea did about $ 21M in total transaction volume.

In the last two days, we did $ 95M.

The growth curve for NFTs is insane.

– Devin Finzer (dfinzer.eth) (@dfinzer) August 2, 2021

β€œIn 2020, OpenSea processed approximately $ 21 million in transaction volume. In the last two days, we made $ 95 million. The NFT progression curve is crazy. “

If we still doubt the enthusiasm for the field, just look at the fundraising in which OpenSea participated in late July: the company raised $ 100 million, becoming a “unicorn”.

πŸ‘‰ Follow the guide – How to create a non-fungible token (NFT) for free with OpenSea?

(Crypto) punk not dead

We can also look at the most popular NFT projects to confirm this renewed enthusiasm. Among Cryptopunks, which regularly break records, we saw a trading volume of $ 46 million in 24 hours. Currently, you will have to spend an average of 22 ETH, or more than $ 54,000, to acquire a Cryptopunk.

Newer but just as crazy, the Axie Infinity Project has also made headlines in recent days. Over a week, the game generated more than $ 32 million in revenue. And even less established projects generate enthusiasm.

The television series Stoner Cats, worn by Mila Kunis and Ashton Kutcher (with Vitalik Buterin in the cast), recently offered a sale of NFT. 8.3 million dollars were generated, which will directly finance production.

πŸ‘‰ Learn more about Axie Infinity game

Nice Ether Week (ETH)

All of this is accompanied by a breakthrough of Ether, the native cryptocurrency of Ethereum in which most of NFT’s sales are traded. In the space of two weeks, the price of ETH has risen by + 56%, a nice performance after rather gloomy months:

ETH Ethereum price

Source: TradingView, ETH / USDT

This morning, an ETH is trading for $ 2,487, with a capitalization that exceeds $ 290 billion.

πŸ‘‰ More info in our analysis – Bitcoin (BTC) and Ether (ETH) try to break out from the top of their range

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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