Unfortunately though, data also suggests that some NFT platforms are losing popularity.
New data suggests that sales of non-fungible tokens surged dramatically in the first half of 2021.
Figures from DappRadar indicate that volumes hit $2.5 billion in the first six months of the year. By comparison, this number stood at just $13.7 million during the same period in 2020.
There does seem to be a bit of disagreement on this though, as NonFungible.com’s data suggests that sales actually came in at $1.3 billion.
A few factors can affect the numbers. For example, NonFungible.com excludes NFTs that are related to the decentralized finance sector.
To complicate matters further, these figures also don’t reflect sales that take place off the blockchain — including those that happened at auction houses.
One thing that does seem to ring true is that NFT platforms can fall out of favor as quickly as they become the hottest new trend.
According to Reuters, NBA Top Shot had 403,000 buyers in March — but just three months later, this number had dwindled to 246,000.
This has also had a knock-on effect when it comes to the value of “moments” on the platform. The average NFT on NBA Top Shot was worth about $27 last month, compared with the peak of $182 that was seen in February.
Meanwhile, it seems attention has been turning to newer projects such as the Bored Ape Yacht Club. This collection riffs off CryptoPunks by offering a limited set of 10,000 collectibles.
Whereas the launch price stood at about $215 in April, the average valuation had risen to $3,600 by the start of July — that’s an increase of 1,574%.